Suppose a Cournot oligopoly is operating in a market where demand is linear and marginal costs are constant. We can conclude that the total output supplied is
a. 1/3 of the perfectly competitive output.
b. 1/2 of the perfectly competitive output.
c. 2/3 of the perfectly competitive output.
d. equal to the competitive output.
c. 2/3 of the perfectly competitive output.
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Which of the following indices best signals future movements in retail prices?
a. The implicit GDP deflator b. nominal GDP c. The consumer price index d. The producer price index e. The measure of economic welfare (MEW)
Increasing productivity per person:
A. is highly desirable, as it leads to economic growth. B. is unavoidable, and macroeconomists work to prevent it. C. can harm an economy if misallocated. D. is highly undesirable, as it leads to increases in GDP per capita.
What is an insurance premium?
If market forces change the exchange rate value of one dollar from 80 yen to 83.25 yen, then the dollar has
a. appreciated. b. depreciated. c. been revalued. d. been devalued.