Which of the following best approximates a pure monopoly?
A. the fast food market
B. the oil market
C. the steel market
D. the NFL
Answer: D
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From 1970 to 1984, the productivity of the Lockeed Company increased as the company produced more airplanes. According to the text, Lockeed's experience can best be described as:
A. increasing returns to scale. B. technological change. C. learning-by-doing. D. increasing marginal returns.
Banks do NOT need to keep all of their deposits on hand as reserves because
A. they can always generate new reserves through the money creation process. B. only a fraction of deposits are withdrawn at any one time. C. FDIC protects banks from excessive withdrawal demands. D. there is too much risk of bank robberies.
Net exports of goods are known as
A. the current account. B. the financial account. C. the balance of payments. D. the trade balance.
Refer to the information provided in Figure 1.5 below to answer the question(s) that follow.
Figure 1.5Refer to Figure 1.5. As income increases, consumption increases, but for each additional increase in income, consumption increases by a larger and larger amount. If consumption is graphed on the vertical axis and income is graphed on the horizontal axis, the relationship between consumption and income would look like which of the following Panels?
A. A B. B C. C D. D