The breakfast cereal industry, with its concentration ratio of 80%, would best be described as a(n)
a. perfectly competitive market.
b. monopolistically competitive market.
c. oligopoly.
d. monopoly.
c
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Which of the following is a part of the potential work force of a country?
A) People on active duty in the military. B) Institutionalized people C) Civilian non-institutionalized people aged 16 years and above D) Children aged 15 and lower
If real disposable income increases, the average propensity to consume will
A) initially increase, and then decrease. B) remain constant. C) increase. D) decrease.
The market equilibrium quantity:
A. is sometimes the socially optimal quantity B. is the socially optimal quantity C. maximizes total economic surplus D. is not the socially optimal quantity
Discretionary fiscal policy is
A. deliberate changes in government expenditures or taxes in order to achieve certain national economic goals. B. used to achieve full employment by changing monetary growth targets. C. deliberate changes in government regulations in markets to achieve certain social goals. D. automatic changes in government expenditures and interest rates that achieve certain national economic goals.