Which of the following would be the best example of an oligopolistic industry?
A. large aircraft manufacturing
B. the local water supply
C. agriculture
D. retail convenience stores
Answer: A
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If the natural monopoly shown in the figure above is unregulated, it will make an economic profit of
A) $2 million. B) $4 million. C) $9 million. D) $0, that is, it earns a normal profit.
Over the past two decades, the saving rate in China has been approximately ________%
A) 17 B) 80 C) 40 D) 5
Adverse selection arises when:
A. the wants of both parties are aligned with one another. B. buyers and sellers have different information about the quality of a good or the riskiness of a situation. C. buyers and sellers with the same information about the quality of a good or the riskiness of a situation seek each other out. D. people behave in a riskier way because they have incomplete information.
The school of thought that emphasizes the natural tendency for an economy to move toward equilibrium full employment is known as the:
a. Keynesian school. b. supply-side school. c. rational expectations school. d. classical school.