The main difference between perfect competition and monopolistic competition is
A. The ease of entry and exit.
B. The degree of product differentiation.
C. The long-run economic profits that are expected.
D. The number of firms in the market.
Answer: B
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Paying a person a lower wage or excluding a person from an occupation on the basis of an irrelevant characteristic such as race or gender
A) violates federal comparable worth laws. B) can be explained by negative feedback loops. C) creates differences in wages that economists call "compensating differentials." D) is economic discrimination.
Which policy measure makes it unlawful for a registered public accounting firm to provide any nonaudit service to a client contemporaneously with an impermissible audit?
A) Sarbanes-Oxley Act of 2002 B) Global Legal Settlement of 2002 C) Gramm-Leach-Bliley Act of 1999 D) Riegle-Neal Act of 1994
Which of the following does not exist when an economy is operating at full employment?
a. An unemployment rate of 5 percent or 6 percent b. Seasonal unemployment c. Structural unemployment d. Cyclical unemployment e. Frictional unemployment
One goal of the European Common Market was to
a. abolish tariffs and import quotas among the member nations. b. abolish tariffs and import quotas between the member nations and the rest of the world. c. discourage the free movement of capital and labor among member nations. d. replace the North Atlantic Treaty Organization (NATO).