Which one of the following is the best example of an oligopolistic industry?
A. cigarettes
B. wheat growers
C. apple growers
D. public utilities
Answer: A
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A supply curve typically slopes upward because:
a. opportunity cost of production increases as the quantity supplied increases. b. price and quantity supplied are inversely related. c. quantity supplied is positively related to consumer income. d. the substitution effect of a price change on quantity supplied is generally positive. e. the income effect of a price change on quantity supplied is generally negative.
Poverty is considered to be more permanent in the United States than it is in other nations.
Answer the following statement true (T) or false (F)
Increased trade restrictions
A. Reduce total consumption possibilities. B. Alter a nation's production possibilities. C. Have a neutral impact since the losses cancel out the benefits. D. Increase a trade deficit in the short run.
Official reserves are essential for countries that fix the value of their currencies beneath the market value.
Answer the following statement true (T) or false (F)