A monopoly faced with the possibility that another firm may enter is a(n):
A. natural monopoly.
B. competitive monopoly.
C. insecure monopoly.
D. oligopolistic monopoly.
Answer: C
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Economists use the term "financial markets" to mean the markets in which
A) households supply their labor services. B) the government borrows to fund any budget surplus. C) firms supply their goods and services. D) firms purchase their physical capital. E) firms get the funds that they use to buy physical capital.
Which of the following correctly describes a wage-price spiral?
a. An increase in nominal wages causes inflation, and inflation causes workers to demand even higher wages in order to keep their real income constant. This cycle can repeat itself. b. An increase in real wages due to growth in worker productivity causes inflation, which in turn increases worker productivity. c. A decrease in prices causes workers to demand higher wages, which in turn puts additional downward pressure on prices. d. None of the above.
Use the following list of modern macroeconomic theories in order to describe the following statement: Lower tax rates and less government intervention in the private economy is the only way to stimulate saving, investment, and productivity.
A. Monetarism B. The theory of rational expectations C. New classical economics D. Supply-side economics
Sean Malloy made $360,000 in 2002, the base year. By 2006 he was earning $480,000. If the CPI rose 120 by 2006, how much were his real wages that year, and by what percentage had they changed?
What will be an ideal response?