A feature of perfect competition is
A) use of non-price competition by firms.
B) mutual interdependence among firms.
C) unique products.
D) standardized products.
D
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When the U.S. dollar rises in value relative to the Mexican peso, the dollar has ________, and when the dollar falls in value, it has ________
A) grown; shrunk B) grown; shrunken C) been bullish; been bearish D) depreciated; appreciated E) appreciated; depreciated
When considering rent seeking, which of the following is TRUE?
A) The anti-free trade group generally will lobby more than the pro-free trade group. B) The pro-free trade group generally will lobby more than the anti-free trade group. C) Usually only the anti-free trade group is concerned about what is best for society at large. D) Only the pro-free trade group is concerned about the government's revenue from tariffs.
Workers expect inflation to rise from 3% to 5% next year. As a result, this should
A) shift the short-run aggregate supply curve to the left. B) move the economy down along a stationary short-run aggregate supply curve. C) shift the short-run aggregate supply curve to the right. D) move the economy up along a stationary short-run aggregate supply curve.
Command-and-control policies are desirable because their tough pollution reduction targets force firms to develop new technologies to survive.
Answer the following statement true (T) or false (F)