Which of the following market structures has the highest market concentration?
A) A monopoly
B) An oligopoly with differentiated products
C) A perfect competition
D) A monopolistic competition
A
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A price system is considered to be efficient when
A) it fails to have the goods that consumers want. B) an underground market develops. C) all resources are allocated to the highest-valued uses. D) firms produce more than what consumers want.
Street lights are an example of a public good provided at the local level
Indicate whether the statement is true or false
Which of the following would not be classified as capital formation?
a. buying shares of stock b. building a new warehouse c. purchasing new construction equipment d. All would be considered capital formation.
The members of the Federal Reserve's Board of Governors
a. are elected to office by the public every fourteen years. b. are nominated by the U.S. Senate banking committee and confirmed by the U.S. house of representatives. c. are elected by bankers in each Federal Reserve Region. d. are appointed by the president of the U.S. and confirmed by the U.S. Senate.