Which of the following is the reason why pharmaceutical firms are NOT monopolistically competitive?
A. Pharmaceutical firms sell differentiated products.
B. There are many buyers in the market.
C. There are many sellers in the market.
D. There are barriers to entry in the market, like patents.
Answer: D
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The U.S. fiscal stimulus in 2009 did not increase GDP substantially because
a. the Federal Reserve was decreasing interest rates and real world estimates for the multiplier might be less than one. b. the Federal Reserve was increasing interest rates and real world estimates for the multiplier might be less than one. c. state governments were decreasing spending and real world estimates for the multiplier might be less than one. d. state governments were increasing spending and real world estimates for the multiplier might be less than one.
The notion that trade policy often imposes costs on large numbers of people, and benefits only a few is explained by
A. the basic impossibility of the democratic system to reach a fair solution. B. the problem of collective action. C. the power of advertisement. D. the lack of political involvement of the public.
Mary buys cell-phone services from a company that charges $30 per month. For that $30 she is allowed 600 minutes of free calls and then pays 10 cents per minute for any calls above 600 minutes. Mary has used 600 minutes this month so far. What is her marginal cost per minute of making additional calls?
A. 10 cents B. 25 cents C. $0 D. 5 cents
The natural rate of unemployment is made up of
A) seasonal and structural unemployment. B) frictional, cyclical, and structural unemployment. C) cyclical and structural unemployment. D) frictional and structural unemployment. E) frictional and cyclical unemployment.