All of the following are possible characteristics of oligopoly except
a. free entry into the industry.
b. significant economies of scale.
c. interdependence among sellers.
d. homogeneous product.
a
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If you are told that in a given year the real growth rate is 7% with inflation and population growth rates of 2% and 1.2% respectively, then nominal growth rate of GDP per capita is:
A. 3.8%. B. 5.0 %. C. 5.8%. D. 7.0 %.
In a perfectly competitive market, the market demand curve is ________ , while an individual firm's demand curve is ________
a. downward-sloping; horizontal. b. downward-sloping but relatively flat; downward-sloping but relatively steep. c. horizontal; downward-sloping. d. horizontal; vertical
If there were no usury law, the quantity of money borrowed would be $_____ billion.
A. 175
B. 200
C. 250
D. 300
Which of the following policy obstacles could occur because it is difficult to know how market participants will respond to specific prices?
A. Velocity problems. B. Implementation problems. C. Design problems. D. Goal conflicts.