________ is an industry with a single firm in which the entry of new firms is blocked.
A. An oligopoly
B. A monopoly
C. Monopolistic competition
D. Perfect competition
Answer: B
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Public utilities, due to their economies of scale, are permitted by government to charge whatever price that they wish.
Answer the following statement true (T) or false (F)
Suppose an economy produces only eggs and ham. In 2009, 100 dozen eggs are sold at $3 per dozen and 50 pounds of ham sold at $4 per pound. In 2010, the base year, eggs sold at $1.50 per dozen and ham sold at $5 per pound. For 2009,
a. nominal GDP is $400, real GDP is $500, and the GDP deflator is 80. b. nominal GDP is $400, real GDP is $500, and the GDP deflator is 125. c. nominal GDP is $500, real GDP is $400, and the GDP deflator is 80. d. nominal GDP is $500, real GDP is $400, and the GDP deflator is 125.
GDP would be a better measure of economic well-being if it included:
A. the costs of education. B. the market value of final goods. C. the total value of intermediate goods. D. the value of leisure.
The set of fiscal policies that would be most contractionary would be a(n)
A. decrease in government purchases and an increase in taxes. B. increase in government purchases and a decrease in taxes. C. increase in government purchases and taxes. D. decrease in government purchases and taxes.