In the Cournot model, the final level of output falls between the output that would prevail if the market were ________ and the output that would be set by a ________.
A. monopolistic; cartel
B. monopolistically competitive; cartel
C. competitive; monopoly
D. oligopolistic; monopoly
Answer: C
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Suppose the exchange rate of the U.S. dollar was 1.50 British pounds = $1.00 (U.S.) on Wednesday, and on the following Monday the exchange rate was $0.75 (U.S.) = 1.00 British pound
Which of the following best describes what happened between Wednesday and the following Monday? A) The U.S. dollar appreciated against the British pound. B) The British pound appreciated against the U.S. dollar. C) The U.S. dollar depreciated against the British pound. D) Both answers B and C are correct.
During a banking panic, a lender of last resort will
A) purchase banks which are having difficulty but appear sound. B) make loans to solvent but temporality illiquid banks. C) make loans to insolvent but liquid banks. D) make loans to any banks which request them.
If the actual real wage exceeds the equilibrium wage, there will be an excess supply of labor
a. True b. False
In the negative income tax plan, a guarantee of $5,000 and a tax rate of 50 percent imply a break-even income of which of the following figures?
a. $1,000 b. $2,500 c. $10,000 d. $12,500