Which of the following is the ultimate goal of monetary policy?
a. Complete removal of income inequality
b. Economic growth with price stability
c. Free trade
d. Balanced budget
e. Economic welfare
b
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Does research into new technologies create a positive externality or does it create a negative externality?
If a good is normal, then an increase in income will result in
a. an increase in the demand for the good.
b. a decrease in the demand for the good.
c. a movement down and to the right along the demand curve for the good.
d. a movement up and to the left along the demand curve for the good.
An import restriction ________ the market price and ________ the total surplus of the market.
A. increases; decreases B. increases; increases C. decreases; increases D. decreases; decreases
How do economies of scale contribute to the development of an oligopoly?
A. Economies of scale make small-scale producers inefficient. B. Economies of scale make it legally difficult for new firms to enter. C. Economies of scale are guaranteed when a patent is granted. D. Economies of scale are based on control of a key resource, without which other firms cannot enter an industry.