An oligopoly with a dominant price leader will produce an output level that is ________ than the output level that would prevail if the industry were a monopoly and sells it at a price that is ________ than the price that would prevail if the industry were a monopoly.
A. higher; higher
B. lower; higher
C. higher; lower
D. lower; lower
Answer: C
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Assuming a long-run aggregate supply curve, a decrease in consumer confidence results in ________ in output and ________ in price level
A) a decrease; no change B) a decrease; a decrease C) an increase; no change D) no change; a decrease
Suppose a manager of a company is told by his staff that marginal productivity has risen above the average productivity over the last six months of operation
What can this manager conclude is happening to the overall average productivity of the company? Explain.
If the saving rate increases, break-even investment will be ________ than investment, and GDP per worker will ________
A) greater; increases B) greater; decreases C) less; increases D) less; decreases
Which of the following is an exogenous variable in the Three-Sector-Model?
a. GDP price index b. Real risk-free interest rate c. Required reserve ratio d. Quantity of currency per time period e. Real GDP