The international unit of accounting used by the IMF is the
A. gold standard.
B. euro.
C. special drawing right.
D. dollar.
Answer: C
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A country that has demonstrated the ability to catch up to the technology leaders by investing in both physical and human capital is called
a. a dependent economy. b. a converging economy. c. an advancing economy. d. a predatory economy.
Competitive firms that earn a loss in the short run should
a. shut down if P < AVC. b. raise their price. c. lower their output. d. All of the above are correct.
How is monopolistic competition different from a monopoly?
a. Monopolistic competition has difficult entry; a monopoly has easy entry. b. A monopoly has strong control over a product; monopolistic competition has little control over a product. c. Monopolistic competition has similar (but not identical) brands; a monopoly has one brand. d. A monopoly has zero long-run economic profits; monopolistic competition has high long-run economic profits.
Which of the following is NOT a valuable role of government in a free market society?
A. To enhance rent-seeking activities. B. To reduce market power. C. To provide public goods. D. To reduce negative externalities.