Brokerage commissions:
A. are always a percentage of the amount of the trade.
B. can differ reflecting the different services being offered.
C. can vary but typically don't because firms tend to set them at the same levels.
D. are set by government regulators so they cannot vary across firms for the same services.
Answer: B
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From 2012 until 2087, the CBO projects that, as a percentage of GDP, government revenues are expected to ________, government expenditure is expected to ________, and the budget deficit is expected to ________
A) increase; decrease; decrease B) decrease; increase; increase C) increase; increase; increase D) increase; increase; decrease
Collusion among firms to raise price is rare in monopolistically competitive markets because
a. there are too many firms b. there are too few firms c. there is only one firm d. products are homogeneous e. price leadership is used instead
Equilibrium GDP is reached when
a. aggregate expenditure exceeds GDP b. aggregate expenditure is less than GDP c. aggregate expenditure equals the level of output d. the level of output is greater than aggregate expenditure e. the level of output is less than aggregate expenditure
Which of the following features is associated with imperfect competition?
a. Homogeneity of products b. Positive economic profits c. Freedom of entry and exit d. Large number of firms