Consumption goods are
A) a form of investment.
B) goods purchased from savings.
C) a form of capital goods.
D) goods purchased by households to be used immediately.
D
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The rules of the WTO:
a. apply only to domestic trade within a nation. b. apply to both domestic trade within a nation and international trade with other nations. c. apply only to trade among nations. d. include a prohibition of tariffs. e. encourage high tariffs.
When entry and exit behavior of firms in an industry does not affect a firm's cost structure,
a. the long-run market supply curve must be horizontal. b. the long-run market supply curve must be upward-sloping. c. the long-run market supply curve must be downward-sloping. d. we do not have sufficient information to determine the shape of the long-run market supply curve.
Once a cartel is formed, the market is in effect served by
a. a monopoly. b. an oligopoly. c. imperfect competition. d. monopolistic competition.
Which statement is false?
A. The supply of urban land increases in response to increases in demand. B. Most economists think rent should be abolished. C. Pierre-Joseph Proudhon and Henry George took similar stands on rent. D. Economic rent is the payment above the minimum necessary to attract a resource to the market.