The General Agreement on Tariffs and Trade focused on:
a. raising tariffs on agricultural products.
b. lowering trade restrictions between countries.
c. promoting full employment worldwide.
d. increasing trade restrictions between countries.
Ans: b. lowering trade restrictions between countries.
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Which of the following best explains why monopolistically competitive firms face a downward sloping demand curve while perfectly competitive firms do not?
A) Monopolistically competitive firms sell a differentiated good. B) Monopolistically competitive industries have only a few firms. C) Monopolistically competitive firms have barriers to entry. D) Only industries with free entry and exit have firms that face horizontal demand curves.
If the expected return on bonds increases, all else equal, the demand for bonds increases, the price of bonds ________, and the interest rate ________
A) increases; decreases B) increases; increases C) decreases; decreases D) decreases; increases
The market for electricians in a small town might have a different structure than in a large city because
A) cartels are legal in large cities but not in small towns. B) the small town market can only support a few electricians. C) unions are stronger in large cities than in small towns. D) None of the above.
The full-employment level of real GDP is the level which can be produced with:
a. both given technology and productive resources, and cyclical unemployment equal to zero. b. both given technology and productive resources, and frictional and structural unemployment equal to zero. c. given technology and productive resources. d. frictional and structural unemployment equal to zero. e. cyclical unemployment equal to zero.