Oligopolistic industries are characterized by a
A. few large firms and no barriers to entry.
B. few large firms and substantial barriers to entry.
C. large number of firms and no barriers to entry.
D. large number of firms and substantial barriers to entry.
Answer: B
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When Annie puts her money in her sock drawer for purchases later on, money is acting as a
A) unit of accounting. B) standard of deferred payment. C) store of value. D) medium of exchange.
For poor countries, a lack of capital and poorly developed infrastructure contribute to low farm productivity.
Answer the following statement true (T) or false (F)
If trade is consistent with the Heckscher-Ohlin (H-O) theory, then growth in a country's scarce factor of production will lead to
A. balanced growth. B. a deterioration in the country's terms of trade. C. a decreased willingness to trade. D. an increased willingness to trade.
If consumption is $340 and saving is $20, then disposable income
A. Is $320. B. Is $360. C. Is $340. D. Cannot be determined from the information given.