Monopolistically competitive industries are characterized by all of the following except
A. Low concentration ratios.
B. Independent production decisions.
C. Homogeneous products.
D. Low entry barriers.
Answer: C
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If price exceeds average costs under pure competition, ____ firms will enter the industry, supply will ____, and price will be driven ____
a. more; decrease; down b. more; decrease; up c. more; increase; down d. more; increase; up e. none of the above
Today a college graduate earns about $____ while a high school graduate earns about $_____.
A. 70,000; 24,000 B. 55,000; 33,000 C. 53,000; 24,000 D. 70,000; 32,000
When real output increases, planned aggregate expenditures increase because:
A. induced expenditures increase. B. autonomous expenditures increase. C. induced expenditures decrease. D. autonomous expenditures decrease.
Exhibit 19-1 Balance sheet of First Iliad State Bank Assets Liabilities Required reserves$ 1,000,000 Demand deposits$10,000,000 Excess reserves0 Loans$ In Exhibit 19-1, if the required reserve ratio is raised to 15 percent, First Iliad State will have to convert loans worth:
A. $9,000,000 to required reserves. B. $1,500,000 to required reserves. C. $500,000 to required reserves. D. $1,000,000 to required reserves.