A perfect monopoly:
A. can be a single seller or small group of firms.
B. controls 100 percent of the market for a product.
C. can offer a product at the lowest cost possible.
D. always engages in price discrimination.
Answer: B
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Which of the following is an example of an intermediate good?
A. An antique car sold to the highest bidder B. A pair of skis sold by a sporting goods retailer to a skier C. The lumber produced by Boise Cascade and sold to a builder of old houses D. A share of IBM stock
The concept of "rational expectations" is consistent with the notion of
a. utility maximization. b. profit maximization. c. strong mechanisms towards equilibrium in markets d. auction markets. e. all of the above.
The period of declining growth in real GDP between the peak of the business cycle and the trough is called a(n):
A. recessionary phase. B. expansionary. C. recovery phase. D. stationary phase.
The Bretton Woods conference led to the creation of the International Monetary Fund (IMF).
Answer the following statement true (T) or false (F)