Which of the following market types has the fewest number of firms?
A) perfect competition
B) monopolistic competition
C) oligopoly
D) monopoly
E) perfect competition and monopolistic competition
D
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Why are property rights so important for markets?
A. Property rights allow companies to have a monopoly. B. Without property rights there are few incentives to improve, create, or build something, because you cannot legally trade it. C. Property rights force others to pay you more for the good or service. D. Those who have property rights are more likely to create more because they will get more money in the market.
In an open economy including the government, planned expenditures equals
A) C + I + G + X + M. B) C + I + G. C) C + I + G - X + M. D) C + I + G + X - M.
The one determinant of the growth of capital per person that can be affected by policy is the
A) depreciation rate. B) saving rate. C) money supply growth. D) rate of technological change.
The price elasticity of demand between rifles and bullets is likely to be:
A. negative, because the goods are complements. B. positive, because the goods are complements. C. negative, because the goods are substitutes. D. positive, because the goods are substitutes.