A market with easy entry could include
A) perfect competition.
B) monopolistic competition.
C) an oligopoly.
D) a. and b. are possible
D
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The government increases taxes. As a result, in the short run, real GDP ________ and the price level ________
A) increases; rises B) decreases; falls C) decreases; rises D) increases; falls
You have paid all expenses to travel to your favorite beach for a vacation. You made these payments early in order to receive a discount and all payments are nonrefundable. Unfortunately, a hurricane is likely to crash into the coast during your vacation dates. What should not be considered as you make a decision to take your trip or not?
A. The money that has already been spent on the trip B. The satisfaction you are likely to receive at the beach during a hurricane C. The best alternative use of your time if you do not take the trip D. The additional costs you didn’t anticipate while on the trip.
An increase in the excise tax on alcohol
a. will have no effect on alcohol consumption. b. will generate minimal tax revenues for the federal government. c. coupled with a uniform drinking age nationwide would save lives. d. will generate substantial revenues is demand is elastic. e. all of the above.
A consumption good that would NOT be counted in GDP would be:
A. the coffee Cyndi buys on her way to work in the morning. B. Cyndi's brand new car. C. the sunglasses Cyndi bought on clearance sale yesterday. D. Ford company’s purchase of steel.