Which of the following industries is the best example of an oligopoly?
A. the restaurant industry
B. the clothing industry
C. the airline industry
D. the corn industry
Answer: C
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In the circular flow, nonprofit institutions are
a. counted as businesses. b. excluded. c. treated separately. d. counted as households.
_______________—a term coined by Alexander Gerschenkron (1904–78) suggesting that a country that is behind has some extra potential for catching up.
a. Law of diminishing returns b. Convergence c. The advantages of backwardness d. Divergence
Which of the following is likely in response to the policy initiative described in the In the News article titled "U.S. Federal Reserve Cuts Interest Rates to Historic Low"?
A. Home equity and home mortgage loans will dry up. B. Bank lending will increase. C. The unemployment rate will rise. D. The inflation rate will fall in the long run.
If the government finances its spending by selling bonds to the central bank, the monetary base will ________ and the money supply will ________
A) increase; increase B) increase; decrease C) decrease; decrease D) not change; not change