In a typical oligopolistic market, there are
A) no barriers to entry and firms sell homogeneous products.
B) substantial entry barriers, and firms are too large to strategically interact with each other.
C) substantial barriers to entry and firms interact strategically with each other.
D) no barriers to entry and firms interact strategically with each other.
E) no barriers to entry, but firms sell differentiated products.
Ans: C) substantial barriers to entry and firms interact strategically with each other.
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The key factors in raising standards of living in low-income countries have been increases in
A) capital accumulation and the money supply. B) income and government ownership of resources. C) foreign aid and population. D) technology and knowledge.
A capital gain results when
A) an asset is sold for more than it was purchased. B) a debt is settled. C) a person purchases a bond. D) a person buys gold.
When economists speak of changes in GDP measured in constant dollars, they mean that
a. money GDP is constant. b. the price level is constant. c. a price index has been used to adjust money GDP for the effects of inflation. d. the growth rate of money GDP has been adjusted for changes in population.
The following graph is the production possibility curve for a three-person economy, with workers Janna, Drew, and Kari. 
Who has the greatest comparative advantage in shoe production?
A. Kari B. Janna C. Drew D. None of them