The fast-food restaurant industry would be an example of which market model?
A. Monopolistic competition
B. Pure competition
C. Pure monopoly
D. Oligopoly
A. Monopolistic competition
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The fact that positive externalities may exist in education is not enough to justify government involvement. To justify government involvement, it must be shown that _____
a. the effect of the externalities are large b. the externalities are inframarginal c. people do not internalize the externalities d. education is an investment good
In the U.S., each additional year of schooling has historically raised a person's wage on average by about
a. 2 percent. b. 5 percent. c. 10 percent. d. 15 percent.
According to the simple quantity theory of money in the AD-AS framework, when the money supply increases, the result is __________ in Real GDP and __________ in the price level
A) no change; no change B) a rise; no change C) no change; a rise D) a rise; a fall E) a fall; a rise
GDP in 2015 would not include the resale of a house built in 2000.
Answer the following statement true (T) or false (F)