Which of the following is similar for oligopoly and monopolistic competition?
A. Both have low concentration ratios.
B. Both make independent production decisions.
C. Both have market power.
D. Both have many firms.
Answer: C
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Indicate whether the statement is true or false
Suppose the economy is initially experiencing a short-run recessionary gap. An increase in the size of the budget deficit will
A) increase the size of the recessionary gap. B) reduce the size of the recessionary gap. C) lead to an increase in prices with no increase in real GDP. D) lead to a decrease in prices with an increase in real GDP.
In Marx's ideal state of communism there would be no haves and have-nots
a. True b. False Indicate whether the statement is true or false
The closer the economy is to full employment, the larger the multiplier is.
Answer the following statement true (T) or false (F)