In ________ markets, large oligopolistic firms end up behaving like perfectly competitive firms.
A. contestable
B. blocked
C. monopolistically competitive
D. monopoly
Answer: A
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Scarcity is a situation in which
A) people cannot satisfy all their wants. B) most people can get only bare necessities. C) people can satisfy all their wants. D) some people can get all they want and some cannot.
In 2014, global revenue for IBM was ________ when measured in local currencies than it was when measured in dollars. This occurred because the value of the U.S. dollar ________ relative to most other currencies
A) lower; increased B) higher; increased C) higher; decreased D) lower; decreased
Which of these conclusions does the chart of reasons for unemployment support?
a. U.S. unemployment rates are high because no one wants to work the same job for
more than a few years anymore.
b. The only reason U.S. unemployment rates seem high is that the Bureau of Labor
Statistics counts all teenagers as new entrants.
c. Many more people are exiting the U.S. workforce than entering, which is a serious
problem.
d. About 40 percent of the unemployed either have no experience or have not worked
for a while.
Free markets coordinate economic activity in such a way as to eliminate the possibility of inflation or unemployment.
Answer the following statement true (T) or false (F)