A monopsony is characterized as a market which has:
A. many buyers and one seller.
B. many buyers and many sellers.
C. one buyer and one seller.
D. one buyer and many sellers.
Answer: D
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One justification for the creation of a federal level of government is:
A. greater responsiveness to the will of the voters. B. to encourage local diversity in the types of public goods provided. C. economies of scale in the provision of military defense. D. the ability to deficit spend.
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Suppose that there are only two types of used cars, peaches and lemons and that used cars are pure experience goods. Peaches are worth $10,000, and lemons are worth $6,000. Three fourths of all used cars are peaches, and one fourth are lemons
In a market with no signals, for instance, a market without warranties, the average value of cars actually sold will be A) $6,000. B) $7,000. C) $9,000. D) $10,000.
The figure below represents the domestic market for wheat in a small country. Imports of wheat are prohibited.
Following the imposition of a $20 per bushel export subsidy to the country's wheat exports, the country consumed ________ bushels of wheat and exported ________ bushels of wheat.
A. 60; 90 B. 60; 60 C. 40; 80 D. 40; 110