Oligopolistic industries are characterized by a
A) few large firms and no barriers to entry.
B) large number of firms and no barriers to entry.
C) few large firms and substantial barriers to entry.
D) large number of firms and substantial barriers to entry.
Answer: C
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Owners of ________ have unlimited liability
A) partnerships and corporations B) corporations C) proprietorships and partnerships D) partnerships, proprietorships, and corporations
Suppose that Tracy Stuart spends all of her income on two goods, A and B, in a manner in which MUa = 15 and MUb = 80, and the Pa = $5 and the Pb = $20 . Then she
a. is already maximizing her total utility and should make no change b. should increase her purchases of B and decrease her purchases of A c. should raise MUa so that the MUa/Pa ratio is higher, giving her reason to buy more of A and less of B d. should raise MUa so that the MUa/Pa ratio is higher, giving her reason to buy more of B and less of A e. should increase her purchases of A and decrease her purchases of B
Suppose policy makers underestimate the natural rate of unemployment. In situations like these, policy makers will likely implement policies that result in
A) more unemployment than necessary. B) an unemployment rate that is "too high." C) a higher inflation rate than necessary. D) a steadily decreasing inflation rate. E) overly contractionary monetary and fiscal policy.
The revenue that a government raises by printing money is called
A) seignorage. B) monetary revenue. C) currency credit. D) currency inflation.