A market is not a pure monopoly if firms
A. can enter it freely.
B. sell unique products.
C. can exit the market freely.
D. require government permission to sell in the market.
Answer: A
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Based on the information in Scenario 1, nominal GDP in 2016 in this economy was
A) $830. B) $1,025. C) $1,090. D) $1,345.
A good reason for policy makers to pursue a goal of stabilizing economic activity is that ________
A) high inflation is always accompanied by high variability of inflation B) high unemployment causes human misery and lost output C) in a stable economy, there is little or no structural inflation D) all of the above E) none of the above
Assume Brandon's benefit function for water is S(W) = ?W and he consumes water both in droughts, WD, or in the rainy season, WR. Assume his current consumption bundle is WD = 400 and WR = 100 and the probability of drought is 0.75. What is Brandon's expected utility?
A. 10 B. 17.5 C. 20 D. 30
What is the relationship between savings, capital formation, and consumption?