Which of the following is NOT a characteristic of monopolistic competition?
A. marginal cost pricing in the long run
B. differentiated products
C. the existence of advertising
D. a large number of sellers in a highly competitive market
Answer: A
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Keynes argued that I. Capitalism did not always lead to full employment. II. Nominal prices were more important than relative prices
A) I only B) II only C) Both I and II D) Neither I nor II
Common property is
A. an externality. B. any resource that is free for the user. C. a social cost. D. property that is owned by everyone and therefore by no one.
Vaccinating your children is an example of
A. a public good. B. a positive externality. C. logrolling. D. a negative externality.
Suppose that the production function for the economy is: Y = AK1/4L3/4. Assume that real GDP is $8,000 billion, capital stock is $32,000 billion, and the labor supply is 120 million (or 0.120 billion) workers
An increase of one worker will increase real GDP by A) $8. B) $50,000. C) $720,000. D) $6,000,000.