Which of the following would be the best example of an oligopolistic industry?
A) agriculture
B) large aircraft manufacturing
C) the local water supply
D) retail convenience stores
Answer: B
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The inflation rate in January of 2009 as measured by the CPI was zero. If inflation were to remain at zero for a long period, what would be the effect on velocity?
a. It will decrease. b. It will increase. c. It will remain constant. d. Velocity is unrelated to interest rates.
The production of methamphetamine (meth) is a social problem in the Midwest. Iowa is considering two potential programs: Operation Methbust would increase the number of sheriffs' deputies to search out and destroy methamphetamine labs. Operation Say No to Meth would increase the training required of public school teachers so that they could better educate students about the health risks of using meth. Assuming that each program were successful, which of the following statements is correct?
a. Both Operation Methbust and Say No would reduce the equilibrium quantity and increase the equilibrium price of meth. b. Both Operation Methbust and Say No would increase the equilibrium quantity and reduce the equilibrium price of meth. c. Both Operation Methbust and Say No would reduce the equilibrium quantity of meth; Operation Methbust would increase the equilibrium price, whereas Say No would reduce the equilibrium price of meth. d. Both Operation Methbust and Say No would reduce the equilibrium price of meth; Operation Methbust would reduce the equilibrium quantity, whereas Say No would increase the equilibrium quantity of meth.
Walmart has an impact on workers, even in states where they have few stores, because
A. they buy American only. B. they rarely buy from firms in states in which they have stores. C. their web-stores are dominant. D. their pricing policies compel firms to outsource production to low-cost foreign locations.
Annual inflation equal to 1,000% means that prices are rising by
A. 100 times in a year. B. 500 times in a year. C. 1,000 times in a year. D. 10 times in a year.