Which of the following markets is not likely characterized by a monopolistically competitive market?
a. mobile telephone service
b. auto mechanic service
c. barbershops
d. jewelry
a
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Compound interest is:
A. the interest rate adjusted for the rate of inflation. B. the payment of interest on the original deposit. C. the payment of interest on both the original deposit and all accumulated interest. D. the real rate of interest compounded by the rate of inflation.
The following equations represent a simultaneous equations model:
K1= 
1K2+ 
1z1 + u1
K2= 2K1+ 2z2 + u2
OLS will suffer from simultaneity bias if:
A. u1 is correlated with z1.
B. z1 is correlated with z2.
C. K2 is correlated with u1.
D. K1 is correlated with u1.
Which of the following is a correct sequence of events during a recession?
A. Unemployment rises, income falls, tax revenue falls, unemployment benefits rise, and the budget deficit rises. B. Unemployment rises, income falls, tax revenue rises, unemployment benefits fall, and the budget deficit falls. C. Unemployment rises, income rises, tax revenue rises, unemployment benefits rise, and the budget deficit rises. D. Unemployment falls, income falls, tax revenue falls, unemployment benefits rise, and the budget deficit rises.
When a perfectly competitive, well-functioning market is not in equilibrium:
A. total surplus can be increased by a change in market price. B. the market is not efficient. C. there are exchanges that can make some better off without someone becoming worse off. D. All of these are true.