In which of the following situations is there most likely to be a monopsony?
A) the market for farm workers in a large rural area
B) the market for advertising executives in New York City
C) the market for accountants in New York City
D) the market for NBA players drafted out of college by one NBA team
D
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Which of the following statements is generally true?
A) Rivalry is less the larger the number of firms in an industry. B) The smaller the number of firms in an industry, the greater the rivalry. C) The degree of rivalry in an industry is largely independent of the number of firms. D) The larger the number of firms in an industry, the greater the rivalry.
Suppose the economy is at a short-run equilibrium GDP that lies above potential GDP. Which of the following will occur because of the automatic mechanism adjusting the economy back to potential GDP?
A) Output will increase. B) Short-run aggregate supply will shift to the left. C) Unemployment will decline. D) Prices will decline.
An example of an ongoing expense for a toy company would be buying:
A. a delivery truck, and would be included in total cost. B. a new factory, and would be excluded from total cost. C. advertising for their products, and would be included in total cost. D. None of these is true.
Samuelson and Solow argued that when unemployment is high,
a. aggregate demand is high, which puts upward pressure on wages and prices. b. aggregate demand is high, which puts downward pressure on wages and prices. c. aggregate demand is low, which puts upward pressure on wages and prices. d. aggregate demand is low, which puts downward pressure on wages and prices.