Which one of the following describes the current state of economic development in the United States?
A) The United States is running out of natural resources, and therefore it will soon experience a drop in the rate of economic growth.
B) Employment is declining in the manufacturing sector and growing in the service sector.
C) Employment is declining in the manufacturing sector and growing in the agricultural sector.
D) The lack of well-defined property rights in the United States means that entrepreneurs do not expect to capture the benefits of innovations they bring to the marketplace.
B
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The existence of discouraged workers will lead to an official unemployment rate that is
A) overstated. B) understated. C) either overstated or understated. D) unbiased.
An increase in the expected rate of inflation will ________ the expected return on bonds relative to the that on ________ assets, everything else held constant
A) reduce; financial B) reduce; real C) raise; financial D) raise; real
Which of the following models results in the greatest deadweight loss assuming a fixed number of firms with identical costs and a given demand curve?
A) Cournot B) Stackelberg C) Monopoly D) Perfect competition
Which one of the following statements is a common criticism of the original Bertrand duopoly model?
A) Firms never choose optimal prices as strategic variables. B) Firms would more naturally choose quantities if goods are homogenous. C) The assumption that market share is split evenly between the firms is unrealistic. D) A and B are correct. E) B and C are correct.