Which of the following are NOT characteristics of a competitive market?
A) There is freedom of entry and exit.
B) There are zero transaction costs.
C) There are only one or two sellers.
D) Buyers and sellers have complete information.
C
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Refer to the figure above. If A forms a customs union with B, it will import
A) 400 units from B. B) 200 units from C. C) 200 units from each. D) 400 units from B and 200 units from C.
The difference between the money interest rate and the real interest rate is the
a. prime interest rate. b. nominal interest rate. c. exchange rate. d. inflationary premium.
Which of the following term refers to the share of an activity’s marginal cost that is paid for by the persons who carry out the activity?
A. Beneficial cost B. Incidental cost C. Marginal private cost D. Marginal social cost
Efficiency wages create a
a. shortage of labor and so reduce unemployment. b. shortage of labor and so raise unemployment. c. surplus of labor and so reduce unemployment. d. surplus of labor and so raise unemployment.