Which one of the following industries is best classified as an oligopoly?
A. wheat farms in the United States
B. textbook publishers
C. retailing
D. fast food restaurants
Answer: B
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According to the Taylor Rule, for a given inflation rate, ________
A) every percentage point increase in the inflation rate increases the federal funds rate by 1.5 percentage points B) if bank reserves double, the federal funds rate should double C) every percentage point increase in the nominal interest rate increases the federal funds rate by 1 percentage point D) if nominal output doubles, the federal funds rate should double
One of describing the debate between activists and non-activists is that
A) activists are pessimistic about the self-correcting powers of the economy but non-activists are optimistic. B) activists tend to be oriented to the long-run but non-activists are short-run oriented. C) non-activists are optimistic about the efficacy of stabilization policy but activists are pessimistic. D) A and B are both correct.
Changes in the producer price index are often thought to be useful in predicting changes in
a. stock prices. b. the consumer price index. c. the unemployment rate. d. the rate of output of goods and services.
Explain how firms' production functions and cost curves will change as science and technology advance and as the knowledge of how to organize and manage resources improves.
What will be an ideal response?