Which of the following industries is an illustration of homogeneous oligopoly?
A. Household laundry products.
B. Personal computers.
C. Aluminum.
D. The auto industry.
Answer: C
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Use the following diagram of the market for money to answer the next question.
The equilibrium interest rate is
A. I1. B. I2. C. I3. D. not determinable without additional information.
The total change in aggregate spending generated by increased government spending depends on the
A. AD shortfall. B. AD excess. C. Size of the recessionary GDP gap. D. Marginal propensity to consume.
If there is excess demand in a market, then this suggests that:
A. there is no way to help some people without harming others. B. the market is in equilibrium. C. the market price is above the equilibrium price. D. there is an opportunity for mutually beneficial trades.
The imposition of a per unit tax on a product
A. will cause the supply curve to shift upward and to the left. B. will cause the supply curve to shift downward and to the right. C. will reduce the quantity supplied of the product. D. will encourage producers to increase the quantity supplied of the product.