An oligopoly firm is generally characterized by:
a. its consideration of rivals' reactions
b. the sale of standardized products.
c. the possibility of realizing profits in the long run.
d. both (a) and (c).
d
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If the Irish pound declines in value against other major currencies, which of the following happens?
a. The Irish trade deficit will increase. b. The Irish trade deficit will be unaffected. c. The Irish trade deficit will decrease. d. Irish products will become more expensive to foreigners. e. Foreign goods will become cheaper in Ireland.
A good that provides external benefits to society has:
a. too few resources devoted to its production. b. too many resources devoted to its production. c. the optimal resources devoted to its production. d. not provided profits to producers of the good.
Suppose the economy is experiencing an inflationary gap. Based on available data, the Fed starts implementing contractionary monetary policy, but this moves the economy into a recessionary gap. The most probable explanation is that, because of the total lag in monetary policy, the government did not realize that the economy was already healing itself, i.e., that the
A) AD curve was shifting rightward. B) AD curve was shifting leftward. C) SRAS curve was shifting rightward. D) SRAS curve was shifting leftward.
Based on our understanding of the labor market model presented in Chapter 6, we know that an increase in the minimum wage will cause
A) an increase in the equilibrium real wage. B) a reduction in the equilibrium real wage. C) a reduction in the natural rate of unemployment. D) both B and C