Which statement is true?
A. All monopolies are large firms.
B. The monopolist produces a product similar to its competitors.
C. There is no such thing as a natural monopoly.
D. There are no close substitutes for a monopolist's product.
D. There are no close substitutes for a monopolist's product.
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Use the following table to answer this question, which provides information on the production of a product that requires one variable input. InputTotal Product0015220332442550655758858956 Diminishing marginal returns set in with the addition of the
A. fourth unit of input. B. first unit of input. C. second unit of input. D. third unit of input.
Compared to the magnitude of the multiplier in an economy without imports, the multiplier in an identical economy with imports is
A) larger only if exports exceed imports. B) smaller only if imports exceed exports. C) always larger. D) exactly the same. E) always smaller.
If a country devotes its resources to acquiring more physical capital it will:
A. increase its productivity. B. increase its current consumption. C. decrease its output per person. D. All of these are true.
Refer to the table. When the legal reserve ratio is 20 percent, the money-creating potential of the entire banking system is:
A. $4,000.
B. $6,000.
C. $8,000.
D. $10,000.