Technology is defined as
A) the process of developing and revising models.
B) new innovations and creations.
C) the processes used to produce goods and services.
D) the process of recycling products.
Answer: C
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Which is an ironic solution to the government protected monopoly?
A) The government might try to "force" less competition in the market. B) The government might "do more" by "doing less," i.e., by removing the monopoly's protection. C) The dead weight loss goes to the government. D) The inherent unfairness of monopoly can only be solved by dictatorship.
The long-run average total cost curve is U-shaped because:
a. a firm initially experiences economies of scale and then diseconomies of scale. b. the law of diminishing returns to a factor sets in beyond a certain level of output. c. a firm initially experiences diseconomies of scale and then economies of scale. d. division of labor keeps labor productivity constant irrespective of expansion or contraction in production. e. the efficiency of capital increases over a period of time.
Describe the source of tension between cooperation and self-interest in a market characterized by oligopoly. Use an example of an actual cartel arrangement to demonstrate why this tension creates instability in cartels
The nominal rate of interest tends to rise during time of inflation because
A. lenders require a higher rate in order to loan out money. B. borrowers are willing to pay a higher rate to obtain loans. C. loans are taken in "cheap" dollars but paid back in dollars of greater purchasing power. D. lenders require a higher rate in order to loan out money AND borrowers are willing to pay a higher rate to obtain loans.