An industry which has no barriers to entry, no product-promotion strategy, a standardized product, and a very large number of firms operating within it, is said to have:

a. a monopoly market structure.
b. perfect competition.
c. monopsonistic competition.
d. monopolistic competition.
e. an oligopoly market structure.

b

Economics

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At the end of WWII, three major international organizations were established to accelerate trade and economic growth among countries of the world. They are: the IMF, the World Bank, and _____.

a. GATTb. WTOc. SPPd. NAFTA

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The decision to give the politically appointed members of the Federal Reserve Board an automatic majority weakened the power of the private sector in the determination of monetary policy

Indicate whether the statement is true or false

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The total cost (TC) of producing computer software diskettes (Q) is given as: TC = 200 + 5Q. What is the average fixed cost?

A) 500 B) 5Q C) 5 D) 5 + (200/Q) E) none of the above

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There is no such thing as a free lunch." This is an example of which economic concept?

A. Maximization B. Trade-offs C. Basic necessities D. Income effect

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