Which of the following is a characteristic of a monopolistically competitive market?I. There are many sellers.II.Firms sell slightly differentiated products.III.Each firm faces a downward-sloping demand curve.
A. I only
B. I and II only
C. II and III only
D. I, II, and III
Answer: D
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Which of the following groups of countries are members of NAFTA?
A) the United States, Canada, and Mexico B) the United States, France, and Germany C) Japan, Canada, and Mexico D) the United States, Japan, and Mexico
All of the following are characteristics of public goods EXCEPT
A) Public goods can be used by more people at no additional cost. B) The good can be consumed by everyone at the same time without reducing what is available for anyone else. C) the exclusion principle D) The goods are perfectly divisible.
Government policies are coercive, whereas markets are not. This implies that
a. government activity will always be less efficient than market activity b. households cannot maximize utility if they consume any government goods and services c. market transactions result in an equal number of gainers and losers d. self-interest and public interest are always in conflict e. government can provide some goods and services when private markets fail to do so
The branch of economic theory that analyzes decisions about education and training is
a. welfare economics. b. equilibrium analysis. c. human capital theory. d. consumption theory.