A monopoly is a firm that:
A. is the sole producer of a good or service with many close substitutes.
B. produces a good or service that is identical to many others sold in the market.
C. is the sole producer of a good or service with no close substitutes.
D. is the producer of a good or service with just a few large competitors.
Answer: C
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GDP does not directly include intermediate goods because
A) intermediate goods are not valuable. B) intermediate goods are not useful to consumers. C) that would count the intermediate goods twice. D) that would understate the true size of GDP.
If the CPI was 132.5 at the end of last year and 140.2 at the end of this year, the inflation rate over these two years was
A) 7.7 percent. B) 5.4 percent. C) 4.4 percent. D) 5.8 percent.
The above figure shows the Lorenz curves for four different countries. If country C implemented a policy of redistribution from rich to poor, its Lorenz curve would
A) move toward country B's. B) move toward country D's. C) become positively sloped. D) move above the line of equality.
Environmental problems in China
A) increase pressure for decentralization of power and authority from the ruling Communist party. B) are not recognized by local Chinese interests, but get large amounts of attention from global activists. C) are improving at a rapid pace in Chinese urban areas. D) are generally not an issue domestically or globally.