Which of the following is a characteristic of a monopoly firm?
A) horizontal individual demand curve
B) barriers to entry
C) easy entry and exit
D) many buyers and sellers
Answer: B
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A horizontal line showing the current rate of inflation, as determined by past expectations and pricing decisions is called the:
A. short-run aggregate supply line. B. short-run equilibrium output line. C. aggregate demand curve. D. long-run aggregate supply line.
Use the following diagram to answer the next question.
Consider the data points shown in the diagram, the observations range from the oldest on the right to the most recent observations on the left. Based on these observations we can say ________.
A. the evidence shows a positive relationship between unemployment and inflation B. the evidence shows a negative relationship between unemployment and inflation C. the evidence shows there is no relationship between unemployment and inflation D. there is not enough evidence to determine the relationship between unemployment and inflation
Comparative advantage identifies the good for which the producer’s absolute advantage is relatively larger, or where the producer’s absolute _____________ disadvantage is relatively smaller.
a. competitive b. profit c. productivity d. trade
When calculating the factors which have led to economic growth over the last century, technological change is calculated as:
A. the rate of change of the capital-output ratio. B. the increased productivity of capital. C. a residual, inferred as the leftover growth after accounting for the contributions of other factors. D. the ratio of the marginal products of capital and labor. E. the rate of growth of the output to land ratio.