A form of market structure characterised by few firms, each large enough to influence market price is;
(a) Perfect Competition.
(b) Monopolistic Competition.
(c) Monopoly.
(d) Oligopoly.
Ans: (d) Oligopoly.
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When maximizing economic growth is a country's goal it:
A. may work in opposition to the country's happiness in terms of satisfaction gained from leisure. B. increases the correlation to the country's happiness, because more money makes people happier. C. creates a perfect correlation to happiness, if the money is allocated fairly. D. everyone in the economy will be better off if it obtains its goal.
Suppose Country A and Country B are each other's only trading partners. Country A exports more goods and services to Country B than it imports from it. Which of the following statements is true of the given scenario? a. The GDP of Country A will be positively affected by this trade relationship, while the GDP of Country B will be negatively affected by it. b. The GDP of Country A will be
negatively affected by this trade relationship, while the GDP of Country B will be positively affected by it. c. The GDP of both countries will increase as an effect of this trade relationship. d. The GDP of both countries will decrease as an effect of this trade relationship.
In constructing a stable demand curve for product X:
A. the prices of other goods are assumed constant. B. the supply curve of product X is assumed to be fixed. C. money incomes are allowed to vary. D. consumer preferences are allowed to vary.
Speculators differ from hedgers in the sense that:
A. speculators are hedgers, there isn't any difference. B. speculators do not like risk. C. hedgers seek to transfer risk. D. speculators seek to transfer risk.