Which of the following is a characteristic of monopolistically competitive industries?
A. a small number of firms
B. significant barriers to entry
C. strategic behavior
D. product differentiation
Answer: D
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Keynes believed that the way to prevent recessions and depressions was to
A) increase aggregate demand through expansionary fiscal policy. B) maximize the crowding out effect. C) only change tax rates as a means of regulating the economy. D) reduce spending when there is a recessionary ga
A valid and useful theory of gold prices:
A) helps to predict the movements of gold prices over time. B) may be founded on simplifying assumptions. C) need not exactly predict every change in gold prices. D) all of the above E) none of the above
Which of the following factors explain why the world's trading nations have become increasingly interdependent, from an economic and political viewpoint, during the post-World War II era? Check all that apply.
A. The post-World War II baby boom B. The aging of the Western population C. The formations of the European Community and the Organization of Petroleum Exporting Countries D. The reindustrialization of Europe and Japan
The total revenue effect of a movement along a demand curve can best be predicted using the
A. Law of demand. B. Utility-maximizing rule. C. Law of diminishing marginal utility. D. Price elasticity of demand.