An industry in which there are just a few large firms is likely to be characterized by
A. monopoly.
B. oligopoly.
C. perfect competition.
D. monopolistic competition.
Answer: B
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Stagflation can be explained by
a. the IS curve shifting up. b. the IS curve shifting down. c. the LM curve shifting to the right. d. the LM curve shifting to the left. e. none of the above.
The United States economy ______________ operates on its production possibility curve.
A. Always B. Sometimes C. Never
Which one of the following institutions manages Ireland's monetary policy?
(a) The Federal Reserve Bank in America. (b) The Bank of England. (c) The European Central Bank in Frankfurt. (d) The Bank of Ireland.
Short-run economic growth comes from:
A. Expanding the production possibilities curve. B. A rightward shift of aggregate supply. C. Increased or more efficient use of existing resources. D. A population decrease which increases output per person.