In oligopoly, any action by one firm to change price, output, or quality causes
A) a reaction by other firms.
B) no reaction from the other firms.
C) a profit gain for the other firms.
D) loss of market share by the acting firm.
Answer: A
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When calculating GDP, the Bureau of Economic Analysis revises its quarterly data
A) a total of one time. B) many times over the next several years. C) a total of three times. D) a total of two times.
What assumption does the Ricardian model of comparative advantage make in terms of converting resources?
What will be an ideal response?
Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
The total number of people aged 16 years and over who are not institutionalized ________
A) equals the number of employed plus unemployed B) is the working-age population C) does not include students D) is the labor force