If there are a large number of sellers in a market,
a. it is difficult for firms to cheat on a collusive agreement
b. a cartel is unlikely to break down
c. prices are higher than in smaller markets
d. a cartel is likely to break down
e. perfect competition occurs in the long run
D
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The extent of discrimination is
A. measured by the differences in incomes. B. the reason for two-thirds of the income differential between black male workers and white male workers. C. difficult to quantify and controversial. D. easily measured for each category of workers.
The Federal Reserve's policy reaction function provides information about:
A. the short-run target for inflation and how aggressively target will be pursued. B. economywide money demand and the output gap. C. the long-run target for inflation and how aggressively targets will be pursued. D. economywide money demand and the long-run target for inflation.
You put money into an account. One year later you see that you have 5 percent more dollars and that your money will buy 6 percent more goods
a. The nominal interest rate was 11 percent and the inflation rate was 5 percent. b. The nominal interest rate was 6 percent and the inflation rate was 5 percent. c. The nominal interest rate was 5 percent and the inflation rate was -1 percent. d. None of the above is correct.
The order condition for identification of an equation requires that there should be _____.
A. at least one exogenous explanatory variable in a structural equation B. at least as many excluded exogenous explanatory variables as there are included endogenous explanatory variables C. at least as many dummy variables in an equation as there are exogenous explanatory variables D. as many lagged independent variables in an equation as there are exogenous explanatory variables