Which of the following best describes an oligopoly?
a. A few firms selling all automobiles
b. One firm providing all tap water
c. A few firms banding together to set gas prices
d. Two firms manipulating e-book prices
a. A few firms selling all automobiles
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
What country is our largest trading partner, as measured by exports and imports?
a. Japan. b. The United Kingdom. c. China. d. Canada. e. Mexico.
The fundamental economic problem faced by individuals is
A) scarcity. B) comparative advantage. C) fair allocations of goods and services. D) randomness in the distribution of income.
Who among the following individuals will not be a part of the U.S. labor force?
a. An unemployed computer worker who has given up looking for a job b. A college graduate seeking job after graduation c. An unemployed person who is not working because of a labor dispute d. A person who can work only part-time e. A person who recently moved to a new city and has not yet found a job