A market with many firms that sell goods and services that are close substitutes for one another is called:
A. perfect competition.
B. monopolistic competition.
C. oligopoly.
D. monopoly.
B. monopolistic competition.
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The effects of a tariff are
A) reduced quantity supplied overall, reduced quantity supplied by domestic producers, and a lower price. B) reduced quantity supplied overall, increased quantity supplied by domestic producers, and a higher price. C) reduced quantity supplied overall, decreased quantity supplied by domestic producers, and a lower price. D) identical to the effects of a quota, except that the price of the good is higher.
Given the following hypothetical data where C = $3,000; I = $1,200; G = $2,000; X ? M = ?$500; depreciation = $200; transfer payments = $800, net domestic product is _____
a. $5,500 b. $5,700 c. $6,200 d. $6,400 e. $6,900
If average fixed cost and average variable cost are summed together, the result is: a. total revenue
b. total profit. c. total cost. d. average total cost.
The output produced by domestically owned firms in foreign countries is included in the U.S. GDP but not in the U.S. GNP
a. True b. False Indicate whether the statement is true or false