The market structure of perfect competition exists when
A) there are a small number of interdependent firms that constitute the entire market.
B) there is a single producer of a product.
C) there are many producers of differentiated products.
D) there are many producers of a homogeneous product.
Answer is C) there are many producers of differentiated products.
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Domestically produced goods and services sold to other countries are referred to as
A) imports. B) capital outflow. C) exports. D) transfer payments.
Refer to Figure 11-1. Diminishing marginal productivity sets in after
A) the 2nd worker is hired. B) the 3rd worker is hired. C) the 4th worker is hired. D) the 5th worker is hired.
Keynesians assume that there is a powerful direct link between aggregate demand and
A) velocity. B) real money balances. C) exogenous investment spending. D) interest rates.
In 1971, a bank worker could process 265 checks in 1 hour. Currently, computers with built-in reader-sorter processing capacity have pushed that number above 100,000 checks per hour. Economists describe this type of activity as
a. exploitation of labor. b. an increase in labor productivity. c. speed-up. d. comparative advantage. e. mutual gains from voluntary trade.