A market structure in which a small number of firms compete is called
A) perfect competition.
B) monopolistic competition.
C) oligopoly.
D) monopoly.
C
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The above figure shows the market for anti-freeze. The government imposes the sales tax shown in the figure on sellers. What is the amount of the tax?
A) $1 per gallon B) $2 per gallon C) $3 per gallon D) $4 per gallon
According to classical economists,
a. full employment means zero unemployment b. as long as markets clear, no government action is needed to ensure full employment c. even if all markets clear, government action is needed to correct labor market imperfections if the economy is to reach full employment d. as long as markets clear and government provides jobs to those who need them, the economy will be at full employment e. even if markets clear, cyclical unemployment will still persist in the long run
Which of the following usually leads to currency appreciation?
a. galloping inflation b. relatively low interest rates c. declining real GDP d. fixed exchange rates
According to the maximin criterion, income should be transferred from the rich to the poor as long as it
a. raises the well-being of the least fortunate. b. does not alter incentives to work and save. c. promotes an equal distribution of income. d. does not lower the welfare of the elderly.