Oligopolists
a. are price takers.
b. rarely advertise.
c. must take rivals' reactions into account.
d. offer homogeneous products.
c
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Use the following figure to answer the question below.
Jorge's opportunity cost of producing 1 pound of corn is ________ pound(s) of green beans.
A. 2 B. 4 C. 1 D. 1/4
The idea that a government budget deficit decreases investment is called
A) government dissaving. B) the crowding-out effect. C) the Ricardo-Barro effect. D) the capital investment effect.
If adverse selection exists in a market,
A) it increases consumer surplus but reduces producer surplus. B) it reduces consumer and producer surplus. C) it reduces producer surplus but has no impact on consumer surplus. D) it increases both consumer and producer surplus.
The vicious circle of poverty refers to the fact that in LDCs,
a. low living standards lead to declines in population growth. b. too much spending leads to periods of recession. c. people are poor because too much is spent on capital goods. d. there are not enough people in the under-15 age groups. e. poverty leads to low investment in capital goods.