Crude oil is primarily supplied to the world market by a few Middle Eastern countries. Such a market is an example of a(n) (i) imperfectly competitive market. (ii) monopoly market. (iii) oligopoly market
a. (i) and (ii) only
b. (ii) and (iii) only
c. (i) and (iii) only
d. (iii) only
c
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Competitive markets tend to eliminate economic discrimination, but there are many historical examples of firms that hired few, or no, black or female workers
Which of the following is not a reason for the persistence of this form of discrimination? A) Some white consumers were unwilling to buy from companies that employed black workers. B) If discrimination makes it difficult for a member of a group to be hired in a particular occupation, there is less incentive for members of the group to be trained to enter that occupation. C) Laws passed by the federal government made it more expensive to hire black or female workers. As a result, it was less expensive for employers to hire mostly white male workers. D) In many cases, white workers refused to work with black workers.
Which of the following is a basic assumption of an economic analysis?
a. Private property rights exist and are secure b. A controlled market structure is the key to economic growth. c. In a free market, resources are owned by the government. d. There are no private property rights under a free market economy. e. Social well-being is the prime objective of an entrepreneur.
Following an unexpected decline in aggregate demand, once production cutbacks start offsetting rising inventory levels:
a. the aggregate demand curve will shift to the right. b. the aggregate supply curve will shift to the left. c. the economy will return to its natural rate of unemployment. d. the short-run Phillips curve will shift to the right. e. the economy will face both higher inflation and a higher unemployment rate.
Bill operates a boat rental business in a competitive industry. He owns 10 boats and pays $1,000 per month on the loan that he took out to buy them. He rents each boat for $200 per month. The variable cost for each boat rental is $50 . In the off season, Bill should
a. operate his business as long as he rents at least 7 boats per month. b. operate his business as long as he rents at least 1 boat per month. c. operate his business as long as he rents all 10 boats each month. d. raise the price he charges per boat rental.