Under which of the following market structures would the highest output of a particular good be produced?
a. perfect competition
b. monopolistic competition
c. oligopoly
d. monopoly
a
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The Keynesians believe that
a. the Fed played a primary role in driving the Great Depression. b. the Fed played an important role in preventing the Great Depression from being worse than it could have been. c. the Fed played a negative but secondary role in the Great Depression. d. the Federal Reserve did all it could to prevent the Great Depression but essentially played no role in it.
Frictional unemployment refers to unemployment that is a result of: a. a mismatch of skills
b. being out of work 27 weeks or longer. c. job search. d. seasonal decreases in demand for labor. e. a recession in the economy.
Which of the following usually leads to currency appreciation?
a. galloping inflation b. relatively low interest rates c. declining real GDP d. fixed exchange rates
The way in which a country benefits from trade is that it can
A. obtain goods at lower opportunity cost than producing them itself. B. exploit economies of scale in production and lower the cost of goods it produces. C. obtain a wider range of goods than it can produce for itself. D. All of the above are benefits.