If it is NOT profitable for more than one firm to be in an industry, we have an example of
A. monopoly due to economies of scale.
B. pure competition.
C. monopoly due to ownership of key resources.
D. monopoly due to governmental entry restrictions.
Answer: A
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Which of the following is an example of signaling in a market with asymmetric information?
A) Certification of used cars by third parties B) Rent controls imposed by the government C) Discounts offered by sellers during the holiday season D) Taxation of alcoholic beverages
In the market for Canadian dollars measured in US dollars, the demand for Canadian dollars is
a. The supply of Canadian dollars b. The demand for US Dollars c. The supply of US dollars d. None of the above
When calculating gross domestic product (GDP), double counting can be avoided by: a. taxing corporate income
b. adding all income taxes to GDP. c. calculating GDP using the income as well as the expenditure method. d. adding the value of exports to GDP and subtracting the value of imports. e. summing the value added at each stage of production.
For a low-income country to develop into a high-income country, ____ is (are) needed
a. high rates of inflation b. high interest rates c. sustained economic growth d. restrictions on international trade