When economists speak of "marginal", they mean
a. Opportunity
b. Scarcity
c. Incremental
d. Unimportant
c
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When firms in an oligopoly successfully collude and do not cheat on a cartel agreement, they can achieve long-run economic profit similar to
A) perfect competition. B) monopoly. C) monopolistic competition. D) non-colluding oligopolies. E) the firms in regulated industries.
Suppose U.S.-produced wheat costs $5 per bushel and the exchange rate is 100 yen = $1 . If the exchange rate changes to 90 yen = $1, the
a. wheat would now cost more dollars. b. wheat would now cost the Japanese citizen less yen. c. wheat would now cost less dollars. d. wheat would now cost the Japanese citizen more yen. e. yen has depreciated in value.
A nation's central bank:
A. is the bank that holds deposits for the most customers in the nation. B. determines the nation's fiscal policy. C. controls the nation's monetary policy. D. is the bank that has the most neutral lending policy.
Empirical studies have found that the labor supply curves for most parts of the population are
A) backward-bending. B) upward-sloping. C) downward-sloping. D) nearly vertical.