Along an indifference curve
A) every combination of goods the consumer can purchase with their income is given.
B) the prices of goods will change.
C) utility increases as you move to the right.
D) every combination of the goods give the same level of satisfaction.
Answer: D
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Refer to the table above. If government expenditure increases by $2,000 in the next year, ________, all other variables remaining unchanged
A) gross domestic product will increase to $404,000 B) gross domestic product will fall by $ 2,000 C) gross domestic product will fall to $400,000 D) gross domestic product will increase by $2,000
A contestable market is a market
a. that is highly contested by two, and only two, rival firms. b. in which the costs of entry and exit are low. c. characterized by high profitability and government regulation. d. characterized by a large number of firms; in essence, the term means the same thing as pure competition.
Since 1971, the world's exchange rate system can be described as a "freely floating" system.
Answer the following statement true (T) or false (F)
Answer the following statement(s) true (T) or false (F)
1. In both the short-run and the long-run, a monopoly is guaranteed to earn positive profits. 2. An excise tax will increase the deadweight loss due to monopoly, but an excise subsidy can reduce the deadweight loss. 3. An unregulated, profit maximizing monopoly will never set a price where demand is inelastic. 4. The large increase in the price of oil and in the total revenues and profits of the US oil industry in the 1990's are evidence that it was exercising monopoly power. 5. A monopoly's supply curve is the portion of its marginal cost curve that lies above its average variable cost curve.