All of the following are reasons for an oligopoly to occur EXCEPT
A. independence among firms.
B. merger.
C. barriers to entry.
D. economies to scale.
Answer: A
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Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 3.3. Which of the following is TRUE?
A) Nigel has both an absolute and comparative advantage in bandana production. B) Nigel has both an absolute and comparative advantage in hair pin production. C) Nigel has neither an absolute nor comparative advantage in hair pin production. D) Nigel has neither an absolute nor a comparative advantage in bandana production.
If national income grows at twice the rate of population growth,
a. population will reach a maximum and per capita income will be maximized at that population level b. eventually the rates must equal c. per capita income will double each year d. per capita income will be reduced by half each year e. per capita income growth will double each year
Caitlin is working part-time at the Mr. G store, but wants to work full-time. She is
A) frictionally unemployed. B) structurally unemployed. C) cyclically unemployed. D) not in the labour force. E) none of the above.
Most workers view leisure and income as:
A. goods and bads, respectively. B. bads and goods, respectively. C. bads. D. goods.