A group of firms that try to work together to earn monopoly profits is called a(n)
A) monopolistic merger.
B) public enterprise.
C) cartel.
D) natural monopoly.
Answer: C
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The demand for money curve slopes downward because a rise in the nominal interest rate ________ the opportunity cost of holding money and therefore ________ the quantity of money demanded
A) decreases; decreases B) increases; decreases C) decreases; increases D) increases; does not change E) increases; increases
Devastating damage resulting from a major earthquake and tsunami will most likely
A) initially move a country to a time path beneath its balanced growth path. B) move a country to a lower point on its balanced growth path. C) shift the balanced growth path for a country to a new, lower level. D) have little to no impact on the short-term growth rate in a country.
What do economists call the amount that an additional input adds to the firm’s total costs?
a. marginal resource cost b. marginal input revenue c. marginal product cost d. marginal input benefit
You won the "$1,000 per year forever" lottery. You decided to convert such prize into a lump sum payment. The interest rate is 2% per year. How much is this lump sum payment?
A) $25,000 B) $1,000 C) $50,000 D) $365,000