Which of the following is not a characteristic of a competitive market?
a. Buyers and sellers are price takers.
b. Each firm sells a virtually identical product.
c. Entry is limited.
d. Each firm chooses an output level that maximizes profits.
c
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Which of the following is NOT an element of inflation targeting?
A) a public announcement of medium-term numerical targets for inflation B) an institutional commitment to price stability as the primary long-run goal C) an information-inclusive approach in which only monetary aggregates are used in making decisions about monetary policy D) increased accountability of the central bank for attaining its inflation objectives
If you buy a bond issued by Intel, the bond is a(n):
A) liability to Intel and an asset to you. B) liability to you and an asset to Intel. C) liability to both you and Intel. D) asset to both you and Intel.
Jill consumes nothing but soup and cola. If cola is a luxury good for Jill, then soup must be a necessity
Indicate whether the statement is true or false
According to the text, what is not a pre-condition for factory production and industrialization?
a. Standardized parts b. Sufficient power and energy c. Continuous process production d. A sufficiently centralized administrative structure