A local utility is an example of
A) perfect competition.
B) oligopoly.
C) monopoly.
D) monopolistic competition.
Answer: C
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If the nominal GDP is $16.2 trillion and money supply is $1.9 trillion, then the velocity is
a. 0.12. b. 16.2. c. 8.5. d. 1.9.
If all persons had identical preferences and productivity factors (ability, skill level, education, experience, etc.), the highest paying jobs would be the most
a. prestigious. b. convenient. c. undesirable. d. easily learned.
The popular theory prior to the Great Depression that the economy will automatically adjust to achieve full employment in the long run is:
A. supply-side economics. B. Keynesian economics. C. classical economics. D. mercantilism
Jane has just sent a gift that was made in the U.S. to her relatives in Italy. As far as the balance of payments is concerned this gift will
A. be part of the current account as a unilateral transfer. B. be considered an export since it has left the U.S. C. be part of the capital account since the gift is a physical item. D. have no influence on the balance of payments since it was made in the U.S.