Oligopoly occurs when
A. a few firms sell many different products.
B. a few firms sell to a few large buyers.
C. many firms dominate a single market.
D. a few firms dominate a single market.
Answer: D
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Which of the following is true of leakages and injections in the circular flow model? a. Leakages minus injections equal gross domestic product (GDP)
b. Injections minus leakages equal gross domestic product (GDP). c. Leakages minus injections equal zero in equilibrium. d. Leakages must be less than injections for an economy to be in equilibrium. e. Leakages must be greater than injections for an economy to be growing.
Although Europe is not an OCA, some areas in the European Union would probably meet the criteria. Which of the following would meet them?
A) France, Sweden, and Denmark B) the former Eastern bloc nations of Yugoslavia, Romania, and Bulgaria C) the Netherlands, Denmark, and Britain D) Italy, Germany, Austria, Belgium, the Netherlands, and Luxembourg
Supply-side economists emphasize the importance of saving to finance investment.
Answer the following statement true (T) or false (F)
A single firm in pure competition in the short run has a:
A. vertical demand curve. B. horizontal demand curve. C. horizontal supply curve. D. vertical supply curve.