Which phrase would be most characteristic of pure monopoly?
A. Single seller
B. Efficient advertiser
C. Price taker
D. Close substitutes
Answer: A
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If the inflation rate in 2013 was 2.5 percent, and because of that people expect the inflation rate in 2014 will also be 2.5%, these people are said to have
A) rational expectations. B) expectations of stagflation. C) adaptive expectations. D) expectations of supply shocks.
Which of the following is not an advantage of a pollution tax?
A. It allows firms to equate its marginal abatement cost and the marginal benefit (tax savings). B. It allows a low-cost firm to abate more. C. It provides firms an incentive to invest in pollution abatement technologies. D. It allows us to predict the total volume of pollution that will be discharged.
The production possibilities frontier shows
A) the various products that can be produced now and in the future. B) the maximum attainable combinations of two products that may be produced in a particular time period with available resources. C) what an equitable distribution of products among citizens would be. D) what people want firms to produce in a particular time period.
If a country's imports are greater than its exports, a country has a trade deficit.
Answer the following statement true (T) or false (F)