Perfectly competitive markets:
A. tend to have relatively few sellers.
B. are more of an idealized model economists use than a real-life occurrence.
C. tend to have relatively few buyers.
D. are the most common type of market in the United States.
Answer: B
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Autarkia imports oil and natural gas and exports food grains to the rest of the world. Based on this information, we can conclude that Autarkia is a(n) ________ economy
A) closed B) command C) open D) communist
The ________ interest rate approximately equals the ________ interest rate minus ________
A) nominal; real; depreciation B) nominal; real; the inflation rate C) real; nominal; depreciation D) real; nominal; the inflation rate
An example of a sunk cost would be:
A. the price of a lift ticket you bought and used to ski the whole day. B. the price of a lift ticket you bought and used for 1 run before you fell and broke your ankle. C. the nonrefundable deposit you put on your vacation rental. D. All of these are examples of sunk costs.
The present value of a payment to be made in the future falls as
a. the interest rate rises and the time until the payment is made increases. b. the interest rate rises and the time until the payment is made decreases. c. the interest rate falls and the time until the payment is made increases. d. the interest rate falls and the time until the payment is made decreases.