Two identical firms that share a market and produce a homogeneous good will find which of the following market outcomes LEAST desirable?
A) Bertrand Oligopoly
B) Cournot Oligopoly
C) Cartel
D) All are equally preferable.
A
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An unemployed individual decides to spend the day fishing. The opportunity cost of fishing is
A) zero, because the person doesn't have a job. B) the cost of bait, any other monetary expenses, and the value of the individual's wages while he was working. C) the cost of bait and any other monetary expenses. D) the cost of bait, any other monetary expenses, and the value of the best alternative use of the individual's time.
Marginal utility:
A) is equal to total utility divided by the number of units consumed. B) is equal to total utility if the demand curve is linear. C) increases as more of a product is consumed. D) diminishes as more of a product is consumed.
A primary goal of the World Bank is to:
A. work out repayment plans for developing countries with large international debt. B. finance private investment projects around the world. C. negotiate trade agreements between nations. D. channel low-interest loans to developing countries to foster economic growth.
________ analysis addresses the question of whether a policy should be used, while ________ analysis addresses the economic consequences of a particular policy.
A. Monetary; fiscal B. Fiscal; monetary C. Positive; normative D. Normative; positive