Which of the following markets are competitive enough to be treated as perfectly competitive?
A all of the above
B Agricultural markets
C Copper
D The U.S. airline industry
E Coal, iron, tin and lumber
A all of the above
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Another name for a surplus is
A) excess quantity supplied. B) excess quantity demanded. C) equilibrium. D) market clearing.
A rational choice is one that:
A. allows individuals to reach their goals. B. involves the use of strategic decision making in an effort to reach a goal. C. does not involve self-interested behavior. D. is usually optimized when decision makers are poorly informed about alternatives
Which of the following is not a correct statement about the growth of real GDP in the U.S. economy?
a. Real GDP in 2009 was almost four times its 1965 level. b. Growth was steady between 1965 and 2009. c. Continued growth in real GDP enables the typical American to enjoy greater economic prosperity than his or her parents and grandparents did. d. The output of goods and services produced grew on average about 3 percent per year between 1965 and 2009.
In the 1970s, in response to recessions caused by an increase in the price of oil, the central banks in many countries increased their money supplies. The central banks might have done this by
a. selling bonds on the open market, which would have raised the value of money. b. purchasing bonds on the open market, which would have raised the value of money. c. selling bonds on the open market, which would have raised the value of money. d. purchasing bonds on the open market, which would have lowered the value of money.