An inflationary gap will occur when
a. real GDP exceeds nominal GDP.
b. nominal GDP exceeds real GDP.
c. real GDP exceeds potential GDP.
d. potential GDP exceeds real GDP
c
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A tariff, unlike a __________, provides revenues to the government.
Fill in the blank(s) with the appropriate word(s).
Which statement is false?
A. Cigarettes, motor vehicles, and pipelines are industries with high concentration ratios. B. Oligopolized industries have higher concentration ratios than monopolistic competitors. C. The Electric Machinery Conspiracy case involved covert collusion. D. None of these statements are false.
If the government wants to raise tax revenue and shift most of the tax burden to the sellers it would impose a tax on a good with a:
A. flat (elastic) demand curve and a steep (inelastic) supply curve. B. steep (inelastic) demand curve and a flat (elastic) supply curve. C. steep (inelastic) demand curve and steep (inelastic) demand curve. D. flat (elastic) demand curve and a flat (elastic) supply curve.
Which of the following is the best example of oligopoly?
A. Women's dress manufacturing. B. Automobile manufacturing. C. Restaurants. D. Cotton farming.