A market with the characteristics of many firms selling an identical product, many buyers, and no restrictions on entry or exit to the market is
A) a monopoly market.
B) an oligopolistic market.
C) a perfectly competitive market.
D) a monopolistically competitive market.
C
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The supply curve of U.S. dollars shifts leftward. This could have been influenced by ________
A) a rise in the U.S. interest rate differential B) a fall in the expected future exchange rate C) an increase in the U.S. exchange rate D) a decrease in the U.S. exchange rate
When price was 10, quantity demanded was 50. When price decreased to 8, quantity demanded increased to 60. Therefore, when price decreased, total revenue
A. decreased from 500 to 480, indicating that demand is inelastic. B. decreased from 500 to 480, indicating that demand is elastic. C. increased from 480 to 500, indicating that demand is inelastic. D. increased from 480 to 500, indicating that demand is elastic.
The law of comparative advantages explains why
A. advanced nations will not trade with less-developed countries. B. an advanced nation will not trade with other countries. C. less-developed countries only trade among themselves. D. nations trade with each other, regardless of their relative levels of economic development. E. nations erect trade barriers.
Which of the following lists two things that both decrease the money supply?
a. raise the discount rate and make open market purchases b. raise the discount rate and make open market sales c. lower the discount rate and make open market purchases d. lower the discount rate and make open market sales