A monopolist is
A. a firm with the largest annual sales in a country.
B. a single supplier of a good for which there is no close substitute.
C. a supplier of a good that everyone needs with the result that it makes large profits.
D. a large firm that makes all the other firms in the industry do what it wants.
Answer: B
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Which of the following is a likely consequence of a fall in private investment?
A) Mortgage defaults fall. B) Asset prices rise. C) Labor supply falls. D) Consumption falls.
Compared to workers in richer countries, workers in developing countries have
a. lower productivity and lower wages. b. higher productivity and higher wages. c. higher productivity but lower wages. d. the same productivity but lower wages.
Suppose that the producers of copper are permitted to emit harmful pollutants, free of charge, into the air. How will the price and output of copper products in a competitive market compare with their values under conditions of ideal economic efficiency?
a. The price will be too high, and the output will be too large. b. The price will be too low, and the output will be too large. c. The price will be too low, and the output will be too small. d. The price will be too high, and the output will be too small.
"Equilibrium" is defined in economics in a special way, but it is fair say that if a nation is in short-term equilibrium, then:
a. It is close to full employment. b. It is close to price stability. c. It is operating at relatively high level of performance. d. All of the above. e. None of the above.