Which of the following would be the best example of an oligopolistic industry?
A) agriculture
B) large aircraft manufacturing
C) confections
D) retail convenience stores
B
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A surplus quantity will occur when
a. quantity demanded is greater than quantity supplied. b. price is above equilibrium. c. demand is elastic. d. price is below equilibrium.
The term "stagflation" refers to an economy with the simultaneous problems of
(a) rising inflation rates and falling unemployment rates. (b) rising deflation and unemployment rates. (c) rising inflation and unemployment rates. (d) falling deflation and unemployment rates.
According to adaptive expectations theory, which of the following would be the result of expansionary monetary and fiscal policies?
a. The economy self-corrects to the natural rate of unemployment. b. There is no long-run trade off between inflation and unemployment. c. The inflation rate rises. d. All of these.
Suppose that cigarette smokers create a negative externality. Further suppose that the government imposes a tax on cigarettes equal to the per-unit externality. What is the relationship between the after-tax equilibrium quantity and the socially optimal quantity of cigarettes?
a. They are equal. b. The after-tax equilibrium quantity is greater than the socially optimal quantity. c. The after-tax equilibrium quantity is less than the socially optimal quantity. d. There is not enough information to answer the question.