An industry with Herfindahl-Hershman Index of 1,000 would best be described as
A. oligopoly.
B. monopoly.
C. monopolistic competition.
D. perfect competition.
Answer: C
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In an expansion, federal tax receipts increase proportionally more than real GDP without the need for any government policy. This increase is an example of
A) discretionary monetary policy. B) automatic monetary policy. C) automatic fiscal policy. D) discretionary fiscal policy. E) the effect of deficit spending.
A defined-benefit pension
A) determines benefits by contributions and their earnings. B) fixes benefits in advance. C) links benefits to investment performance. D) fixes benefits paid out for a limited number of years.
Q: How many economists does it take to change a light bulb? A: All. Because then you will generate employment, more consumption, moving the aggregate demand curve to the right. This joke represents the view of
A) classical economists. B) Keynesian economists. C) economists who contend that money illusion never occurs. D) economists who conclude that wages and prices are very flexible.
The concepts of specialization and gains from trade can be applied to:
A. international trade. B. why globalization has expanded recently. C. consumer decisions. D. household decisions.