The market structure of oligopoly is when
A. there are many producers of a homogeneous product.
B. there are a small number of interdependent firms that constitute the entire market.
C. there is a single producer of a product.
D. there are many producers of a differentiated product.
Answer: B
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The marginal cost curve crosses the average total cost curve at the
a. highest level of average total cost. b. lowest level of average total cost. c. point where the ATC equals the AVC. d. point where the ATC equals the AFC.
If you believe that expectations react slowly, you are likely:
a. a believer in rational expectations b. a Keynesian c. a theoretical economist d. None of these.
There is no way that externalities can be corrected.
Answer the following statement true (T) or false (F)
With perfect capital mobility, uncovered interest parity always holds because
A. lower domestic interest rates trigger hedging to avoid exchange-rate risks. B. almost unlimited flows of capital can occur if there is any deviation from the parity. C. capital flows out at a much faster rate than it flows in if the interest rate changes. D. the no-arbitrage condition cannot be satisfied without using forward contracts.