A monopoly is an industry with
A. a single firm in which the entry of new firms is blocked.
B. a small number of firms each large enough to impact the market price of its output.
C. many firms each able to differentiate their product.
D. many firms each too small to impact the market price of its output.
Answer: A
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The interest rate you typically earn on a deposit at a bank:
A. represents the price of your loan. B. represents the risk of investing. C. is the opportunity cost to you of lending money. D. is the opportunity cost to a bank of lending money.
An increase in the demand for peanut butter could be caused by a(n)
a. decrease in consumer income b. increase in the supply of peanut butter c. decrease in the price of bread d. drought in Georgia that destroyed 30 percent of the peanut crop e. decrease in the price of bologna
GDP is: a. the value of all final goods and services produced domestically within a given period of time
b. the value of all final good and services produced anywhere in the world by a nation's firms within a given period of time. c. the value of all final goods and services produced by a government within a given period of time. d. the sum of all currency and coins in circulation.
In the early days of the labor movement, there was a struggle between two groups. What did these two groups want?
A. One group wanted better wages, hours and working conditions and the other wanted a universal 8-hour day and the elimination of the wage system. B. One group wanted a universal 8-hour day and the elimination of the wage system and the other wanted to establish government ownership of the means of production. C. One group wanted to establish government ownership of the means of production and the other wanted to abolish factories and provide every family with 160 acres of land. D. One group wanted to abolish factories and provide every family with 160 acres of land and the other wanted better wages, hours, and working conditions.