For which market structure do economists have the least precise model of price determination?
A) perfect competition in the short run
B) perfect competition in the long run
C) oligopoly
D) monopoly
Answer: C
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The Solow model emphasizes the role of which of the following factors of production?
A) land B) labor C) capital D) natural resources
When does a resource earn only economic rent?
a. When the supply curve of the resource is relatively elastic b. When the supply curve of the resource is horizontal c. When the supply curve of the resource is vertical d. When the supply curve of the resource is relatively inelastic e. When the supply curve of the resource is backward bending
Demand deposits are: a. assets of banks, liabilities of depositors. b. liabilities of banks, assets of depositors. c. assets of banks and their depositors
d. liabilities of banks and their depositors.
Which types of models are built with assumptions?
a. economic models, but not models in other disciplines such as physics and biology b. economic models as well as models in other disciplines such as physics and biology c. models that are built for teaching purposes but not for research purposes d. bad models