OPEC is an example of a ________
A) duopoly with differentiated products
B) monopoly
C) duopoly with homogeneous products
D) cartel
D
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Which of the following is true regarding a price support set above the equilibrium price?
i. The price support increases the price consumers pay. ii. The price support creates a deadweight loss. iii. The price support decreases output. A) i and ii B) i and iii C) iii only D) i, ii, and iii E) i only
Which of the following changes while moving along the aggregate demand curve?
A) future incomes of households B) the price level C) the amount of money in the economy D) future profits from investment projects
Refer to Figure 18.7 below. The intercept point N is actually found by I 1 + I 0 (1 + r). The intercept point M is calculated by I 0 + I 1 /(1 + r). Show that the slope of the budget constraint is indeed 1-r| .
In the expectations-augmented Phillips curve, ? = ?e - 3(u - 0.05). When ? = 0.03 and ?e = 0.06, the unemployment rate is
A) 0.04. B) 0.05. C) 0.06. D) 0.07.