In the short run, product differentiation enables firms in monopolistically competitive markets to:
A. act like a monopolist.
B. sell a standardized good.
C. collude with competing firms to set prices.
D. act like perfectly competitive firms.
A. act like a monopolist.
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Asymptotic distribution theory is
A) not practically relevant, because we never have an infinite number of observations. B) only of theoretical interest. C) of interest because it tells you what the distribution approximately looks like in small samples. D) the distribution of statistics when the sample size is very large.
When collective decision making is utilized to resolve economic questions regarding the allocation of resources,
a. the role of markets will be replaced by political decision making. b. centralized decision making in all areas is inevitable. c. the preferences of individuals are of no importance. d. economic efficiency will be assured.
The level of government payments ________ as prices fell and costs ________ in the 1980s, and ________ dramatically as prices rose in the 2000s
Fill in the blank(s) with correct word
Which of the following nations has experienced the highest average annual rate of growth of per capita real GDP since 1990?
A) Germany B) United States C) India D) China