When near-monopolies like Google in Internet search and Amazon in online shopping start infringing on each other's turf, what kind of competition results?
A. legislated competition
B. oligopolistic competition
C. pure competition
D. monopolistic competition
Answer: B
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Comparative advantage is the ability to
A) perform an activity at a lower opportunity cost. B) determine who your best trading partners are. C) determine the best use of capital goods. D) convince others of the best choices to make in their own self-interest.
A firm's optimal input proportions may change if
a. input prices change. b. the relative marginal productivities of the inputs change. c. the firm's optimal output level changes. d. All of the above are correct.
Why does the numerical value of the multiplier fall when an income tax is added to the income-expenditure model?
Why do political instability and insecure property rights retard economic growth?
a. Fear that private property will be confiscated substantially reduces the incentive to invest and create wealth. b. When property rights are insecure, foreign investors will be reluctant to invest in the country. c. Savings will tend to flow out of a country if individuals fear their property is insecure. d. All of the above are correct.