Which of the following is a characteristic of perfect competition?
a. large barriers to entry
b. a small number of firms
c. firms selling unique goods
d. None of the above is correct.
d
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Which of the following tools is NOT a policy tool of the Fed?
A) last resort loans B) the tax rate on interest income C) the reserve ratio D) open market operations
Farm prices and total revenue have generally been failing because:
a. productivity in agriculture has been increasing b. demand for farm products is income elastic c. demand for farm products is price elastic d. all of the above
In the following regression equation, y is a binary variable:
y = 
0+1x1+…kxk+ u
In this case, the estimated slope coefficient,
measures _____.
A. the predicted change in the value of y when x1 increases by one unit, everything else remaining constant
B. the predicted change in the value of y when x1 decreases by one unit, everything else remaining constant
C. the predicted change in the probability of success when x1 decreases by one unit, everything else remaining constant
D. the predicted change in the probability of success when x1 increases by one unit, everything else remaining constant
The four important characteristics that define a perfectly competitive market are:
A. standardized good, same information for buyer and seller, low transactions costs, participants are price takers. B. standardized information, finished good, no transactions costs, participants are price makers. C. standardized good, full information, no transactions costs, participants are price makers. D. standardized good, full information, no transactions costs, participants are price takers.