If a firm has at least some control over the price of its product, then the firm cannot be in which market model:
A. Oligopoly
B. Pure monopoly
C. Pure competition
D. Monopolistic competition
C. Pure competition
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Critics of the current system of Fed independence contend that
A) the current system is undemocratic. B) voters have too much say about monetary policy. C) the president has too much control over monetary policy on a day-to-day basis. D) the Board of Governors is held responsible for policy missteps.
The government might increase its spending to end a recession because:
A. allowing the short-run aggregate supply to adjust since back to the long-run can take a long time. B. the economy experiences lower prices at the long-run equilibrium. C. the economy enjoys a higher level of output in the long run. D. None of these justify why the government might change its spending to end a recession.
Which of the following would be best classified as a private good?
A) a missile defense system B) police force C) radio frequency D) clothing
A look at Big Mac prices around the world shows that purchasing power parity
A. holds for less developed countries. B. holds for developed countries. C. holds. D. does not hold.