In an oligopolistic market there are:
A. few sellers.
B. many buyers.
C. few buyers.
D. many sellers.
Answer: A
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Those who oppose minimum wage legislation argue that:
A. setting a wage above the market-clearing equilibrium creates unemployment. B. it should be set below the market-clearing equilibrium. C. workers deserve a basic standard of living. D. the way to get an efficient labor market is for government intervention.
The Shoe Emporium reduces the price of its shoes by 50% and finds that the quantity demanded for its shoes increases more than 80%. The demand for shoes from The Shoe Emporium appears to be: a. inelastic
b. elastic. c. unit elastic. d. unit inelastic.
Suppose you found $10,000 hidden under a rock and deposited it in a demand deposit account at your bank. If the reserve requirement was 10 percent, your deposit would initially add ____ to total demand deposits and over time increase the money supply by a maximum of ____
a. $10,000; $100,000 b. $10,000; $90,000 c. $1,000; $90,000 d. $1,000; $9,000
You should specialize in the production of a good if you have
A) an absolute advantage. B) more capital resources than your trading partner. C) more human resources than your trading partner. D) a comparative advantage.