A monopoly is:
A. a seller of a highly advertised and differentiated product in a market with low barriers to entry in the long run.
B. the only seller of a good for which there are no good substitutes in a market with high barriers to entry.
C. the only buyer of a unique raw material.
D. the producer of a product subsidized by the government.
Answer: B
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The open economy effect suggests that
A) a decrease in domestic price level will cause foreign residents to buy more domestic goods, increasing net exports. B) a rise in domestic price level will cause domestic residents to buy fewer imported goods. C) a rise in domestic price level will cause foreign residents to buy more domestic goods. D) a decrease in domestic price level will cause foreign residents to buy fewer domestic goods, increasing net exports.
Having MFN status means that the country is getting the most favorable trade terms possible with a trading partner
Indicate whether the statement is true or false
TQM means
A) total quiet management. B) total quality maneuvers. C) total quality management. D) totally quiet motion. E) totally quality means.
Macroeconomics deals with the analysis of all of the following questions except:
A. why do national economies grow. B. how does Microsoft price its software packages. C. how does a central bank influence inflation. D. why does a country experience recessions.