Which of the following is a distinguishing characteristic of oligopolies?
a. a standardized product
b. the goal of profit maximization
c. the interdependence among firms
d. downward-sloping demand curves faced by firms
e. a downward-sloping market demand curve
C
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Suppose we observe people buying more of a good even though its price has risen. What would an economist conclude?
A) Impossible! We will never observe prices and quantity simultaneously rising in the real world. B) The demand curve for the good must be upward-sloping. C) The law of demand doesn't hold. D) The demand curve has shifted to the right. E) Consumption increasing as prices increase only occurs when a good is needed for survival.
The only school of economics that could be construed as advocating big government are the
A. classicals. B. Keynesians. C. monetarists. D. supply-siders.
Over the past five years, the population growth rate in Kabir’s country has been rising rapidly. How is this most likely impacting the country’s capital stock?
a. Capital stock per worker is increasing. b. Capital stock per worker is fluctuating rapidly. c. Capital stock per worker is declining. d. The population growth rate is not affecting the country’s capital stock.
If the level of government expenditures is given, budget surpluses and deficits depend on tax revenues, which tend to vary directly with GDP.
a. true b. false