Which of the following is NOT a motive for holding money?
a) the transaction motive
b) the speculative motive
c) the asset motive
d) all of the above are motives for holding money
Answer: c) the asset motive
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The concept of "the invisible hand" suggests that markets
A) do not produce the efficient quantity. B) are always fair. C) produce the efficient quantity. D) are unfair. E) allocate resources unfairly and inefficiently.
The "minimum efficient scale" of operation in an industry is defined as:
A) the smallest plant size that can be operated by firms in the industry. B) the scale of operation at which economies of scale are exhausted. C) the smallest number of firms that could effectively meet demand for an industry's output. D) the scale of operation by firms in an industry that is least efficient.
Which is true of output-choice models of oligopoly behavior?
A) Both the Stackelberg and Cournot models can be constructed as sequential games. B) The Stackelberg, but not the Cournot, model can be constructed as a sequential game. C) The Cournot, but not the Stackelberg, model can be constructed as a sequential game. D) Neither the Cournot nor the Stackelberg model can be constructed as a sequential game, but other output-choice models can be. E) There is no relationship between any output-choice model and sequential games.
When the person who chooses how much to purchase doesn't have to bear the full cost, the quantity demanded tends to be higher.
Answer the following statement true (T) or false (F)