Which market is most likely to witness such actions and reactions as frequent new-product introductions, free samples, and aggressive advertising campaigns?
A. Oligopoly
B. Perfect competition
C. Monopoly
D. Monopolistic competition
Answer: A
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Is it possible to have a GDP deflator of less than 100?
A. Yes, it would indicate a year when prices were lower than in the base year. B. Yes, it would indicate a year when output was lower than in the base year. C. No, that is mathematically impossible for the deflator to be less than 100. D. Yes, it would indicate a year when prices were lower than in the previous year.
If a motorist is stranded in front of a pay phone and has only dollar bills, and he ends up buying a quarter from a passerby for $1,
a. the stranded motorist must not understand that four quarters are worth $1. b. economic theory is unable to explain this transaction. c. both parties have gained from this exchange. d. the passerby was made better off and the motorist worse off.
Which of the following sentences is a positive claim and which is a normative claim? We need a higher minimum wage. Working people at minimum wage are not above the poverty level. That is not fair. But a higher minimum wage will mean that some low wage workers will be laid off and have no job.
What will be an ideal response?
Fannie Mae and Freddie Mac are the______.
a. largest brokerages services to be bought out during the 2008 financial crisis b. senators who sponsored a bill to reform subprime lending practices c. largest investment banking firms in the United States d. government-sponsored organizations that back most mortgages in the United States