A competitive market is one in which there
a. is only one seller, but there are many buyers.
b. are many sellers, and each seller has the ability to set the price of his product.
c. are many sellers, and they compete with one another in such a way that some sellers are always being forced out of the market.
d. are so many buyers and so many sellers that each has a negligible impact on the price of the product.
d
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In South Asia and Sub-Saharan Africa, about what share of the labor force works in agriculture?
(a) One tenth. (b) One third. (c) One half. (d) Two thirds.
Suppose that at prices of $5, $4, $3, $2, and $1 for product Z, the corresponding quantities supplied are 3, 4, 5, 6, and 7 units, respectively. Which of the following would increase the quantities supplied of Z to, say, 6, 8, 10, 12, and 14 units at these prices?
A. improved technology for producing Z B. increases in the incomes of the buyers of Z C. an increase in the excise tax on product Z D. an increase in the prices of the resources used to make Z
Each of the Reserve Banks has a president who is:
A. appointed by the bank's board of directors but approved by the board of governors. B. appointed by the board of governors but approved by the bank's board of directors. C. selected from the Board of Directors. D. elected by the commercial banks in their district.
The efficiency case made for free trade is that as trade distortions such as tariffs are dismantled and removed
A) government tariff revenue will decrease, and therefore national economic welfare will decrease. B) government tariff revenue will decrease, and therefore national economic welfare will increase. C) deadweight losses for producers and consumers will decrease, hence increasing national economic welfare. D) deadweight losses for producers and consumers will decrease, hence decreasing national economic welfare. E) government tariff revenue will increase, hence increasing national economic welfare.