Which of the following is NOT a characteristic of a perfectly competitive industry?
A) There are large numbers of buyers and sellers.
B) The firms in the industry produce a homogeneous product.
C) Sellers have better information about the product than consumers.
D) Any firm can enter or leave the industry without serious impediments.
Answer: C
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The horizontal axis of a graph that shows a market demand curve indicates the
A. quantities that consumers are willing and able to buy at various prices. B. different prices at which a product can be purchased. C. number of consumers who are in the market for a product. D. various quantities of a product at which the market will be cleared.
You operate a car detailing business with a fixed amount of machinery (capital), but you have recently altered the number of workers that you employ per hour
Three employees can generate an average product of 4 cars per person in each hour, and five employees can generate an average product of 3 cars per person in each hour. What is the marginal product of labor as you increase the labor from three to five employees? A) MP = 3 cars B) MP = 1.5 cars C) MP = 15 cars D) MP = -1 cars
In 2007, Trailblazer Bicycle Company produced a mountain bike that was delivered to a retail outlet in November of 2007. The bicycle was sold to E.Z. Ryder in March of 2008. This bicycle is counted as:
a) consumption in 2007 and as negative investment in 2008. b) negative investment in 2007 and as consumption in 2008. c) negative investment in 2007 and as investment in 2008. d) investment in 2007 and as negative investment in 2008.
International standards for risk-based capital requirements were introduced under the
A) Federal Reserve Act of 1913. B) 1988 Basel Accord C) Community Reinvestment Act of 1977. D) Federal Deposit Insurance Act of 2008.