Which of the following is NOT a characteristic of a monopolistically competitive market?
A. There are many firms.
B. Firms sell differentiated products.
C. Firms have control over price.
D. There are substantial barriers to entry.
Answer: D
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Given the budget line in the above figure, if income is $60, then the price of a pizza is ________ and the price of a CD is ________
A) $5; $20 B) $6; $4 C) $15; 15 D) $10; $15
Why were the U.S. government budget deficits of the 1980s and early 1990s so unusual from a historical point of view?
A) It was the first time the U.S. government had ever run deficits. B) In the past, deficits were usually that large only in wartime. C) It was the first time that deficits were accompanied by very high rates of inflation. D) It was the first time that deficits diverted funds from other productive uses, such as investment in modern equipment.
Refer to Scenario 5.10. Hillary's indifference curves showing her preferences toward risk and return can be shown in a diagram. Expected return is plotted on the vertical axis and standard deviation of return on the horizontal axis
Although her indifference curves are upward sloping and bowed downward, their slope is very gradual (they are almost horizontal). These indifference curves reveal that Hillary is: A) risk neutral. B) risk averse. C) risk loving. D) irrational.
A tariff has the effect of granting ____ a larger share of the domestic market.
A. domestic consumers B. foreign consumers C. domestic producers D. foreign producers