Which of the following firms is most likely to be a monopoly?
A) local restaurant
B) local distributor of natural gas
C) local book store
D) clothing store
E) local bank
B
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Why is it difficult to determine whether fluctuations in the target interest rate have led to business cycle fluctuations in the United States, according to the New Keynesian model?
A) Because the Federal Reserve may change the target interest rate according to economic conditions. B) Because the target interest rate is nominal, not real. C) Because inflation is not well measured. D) Because money is neutral.
Which of the following is NOT a means of avoiding opportunism?
A. Long-term contracts B. Vertical integration C. Spot exchange D. Contracts
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable. B. cannot be produced with the current state of technology. C. represents underallocation of resources. D. represents what the people want.
The table above shows Mary's utility from chips and soda. The table shows that Mary has diminishing marginal utility for
A) both chips and soda. B) neither chips nor soda. C) soda, but not chips. D) chips, but not soda.