Which of the following is TRUE of an oligopoly?
A) They engage in nonprice competition.
B) They do not react to actions of their competitors.
C) Each firm produces a small portion of the total output.
D) Firms do not care what their competitors do.
A
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Which of the following groups of people will be considered as unemployed?
A) Workers who experienced a wage cut due to recession B) Housewives raising kids at home and not looking for jobs C) Employees working in public sector undertakings D) Agricultural workers who are unemployed and have been looking for jobs for the last four weeks
If there are both external benefits and external costs associated with the production and consumption of a good, and the external benefits are less than the external costs,
a. Taxing it could bring us closer to the efficient solution b. Subsidizing it could bring us closer to the efficient solution c. Neither a tax or a subsidy could bring us closer to the efficient solution d. None of the above is true.
Invention alone does not explain why free market societies have experienced such rapid rates of economic growth
a. True b. False Indicate whether the statement is true or false
The best example of a craft union would be the:
A. United Auto Workers B. United Steelworkers C. Teamsters D. International Brotherhood of Electrical Workers