What must be present to realize gains from comparative advantage and specialization?
a. government
b. credit
c. trade
d. currency
c. trade
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A market structure in which many firms are selling an identical product is called
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.
To maximize profit, a monopolist should produce the level of output at which
a. price equals marginal cost b. price equals marginal revenue and marginal cost c. price equals marginal revenue d. marginal revenue equals marginal cost e. price equals average total cost
When an individual withdraws funds from a checking account the:
A. bank's balance sheet shrinks and so does the Fed's balance sheet. B. bank's balance sheet shrinks but the size of the Fed's balance sheet increases. C. bank's balance sheet shrinks but the size of the Fed's balance sheet is not affected. D. size of the bank's balance sheet stays the same but the size of the Fed's balance sheet shrinks.
Which of the following is not a lagging indicator?
A. duration of unemployment B. stock prices C. outstanding commercial and industrial loans D. prime rate