In which market structure does one firm sell a good or service with no close substitutes and there is a barrier blocking the entry of new firms?
A) only monopoly
B) only oligopoly
C) perfect competition
D) monopolistic competition
E) either monopoly or oligopoly
A
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The largest percentage of banks' holdings of securities consist of
A) Treasury and government agency securities. B) tax-exempt municipal securities. C) state and local government securities. D) corporate securities.
If the price elasticity of demand for tea is unit elastic, a 10 percent increase in the price of tea results in:
a. a 12 percent decrease in the quantity demanded. b. a 12 percent increase in the quantity demanded. c. a 10 percent decrease in the quantity demanded. d. a 10 percent increase in the quantity demanded.
Even though it may seem that nations have a wide variety of policy options to stabilize their economies, there are a number of issues to be considered and overcome. Which of the following is NOT an issue confronting policy makers?
A) the desire to maintain fixed exchange rates or membership in a pegged currency bloc B) long and uncertain time lags when policy effects will occur C) the pass-through issue, when little effect occurs on the real effective exchange rate D) international controls that limit the ability of any nation to determine its exchange rate policy
The Employment Act of 1946 reflects which one of the following functions of government?
A. correcting externalities B. providing public goods C. improving economy-wide stabilization D. providing a legal system