A market situation in which there are a few firms that recognize their mutual interdependence is
A. monopoly.
B. oligopoly.
C. regulated monopoly.
D. monopolistic competition.
Answer: B
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The average level of effective protection has exceeded 300% for which of the following countries?
(a) Pakistan and Uruguay. (b) Argentina and Brazil. (c) Philippines and Mexico. (d) India and China.
Federal antitrust laws in the United States are enforced
A) solely by the Federal Trade Commission. B) solely by the Department of Justice. C) by the Department of Justice and by the Federal Trade Commission. D) by the Department of Commerce.
If a tax is economical,
a. its cost of collection is small relative to the revenue collected. b. it has an economic impact on households. c. it creates no economic distortions. d. its revenues are used to finance productive investments.
Fiat money has value because it
a. is backed by gold. b. can be used to buy goods and services. c. can be exchanged for precious metals at a fixed price. d. can be divided into smaller units. e. All of the above are correct.