A market in which firms sell a homogeneous product and cannot influence market price is most likely:
A. a perfectly competitive market.
B. an oligopoly.
C. a monopolistically competitive market.
D. a monopoly market.
Answer: A
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According to the principle of diminishing returns, if the number of workers is increased beyond the point of diminishing returns, then the additional worker
A) increases total output by more than the amount of previous workers. B) increases total output by the same amount as previous workers. C) decreases total output. D) increases total output by less than the amount of previous workers.
A compulsory payment to government that is generally linked to engaging in some activity is referred to as a
A) tax. B) subsidy. C) deadweight loss. D) quota.
The difference between a tariff and a quota is that the tariff revenue goes to the
A) domestic government. B) holder of the quota license. C) foreign government. D) domestic consumer. E) domestic producer.
Bank A has checkable deposits of $800,000 and total reserves of $200,000. If the required reserve ratio is 0.11, the bank has required reserves of
a. $600,000. b. $88,000. c. $112,000. d. $22,000.