Developing economies are generally characterized by a dual economy, which means that they have:
A. an international sector and a domestic sector.
B. a public sector and a private sector.
C. a market sector and a traditional sector.
D. a manufacturing sector and an agricultural sector.
Answer: C
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Henry David Thoreau faced a choice: Stay in the village of Concord or move out to Walden Pond. He decided to move to Walden. What was his" opportunity cost"?
A) There was no opportunity cost if he didn't pay rent for his cabin on Walden Pond. B) The satisfaction he would have enjoyed were he to stay in Concord C) The sweat and toil of building his own cabin and living off the land at Walden Pond D) There was no opportunity cost, because he made a free and voluntary decision to live the way he preferred to live.
The consensus of major econometric models is that monetary policy has
A) no effect on real GDP. B) an effect on real GDP only in the long run. C) a negative effect on real GDP. D) a substantial short-run effect on real GDP.
The Herfindahl index would be 5000 if the only two firms in an industry have equal market shares
a. True b. False
A monopoly is a sole ____, and a monopsonist is a sole ____
a. buyer in a product market; seller in a product market b. seller in a product market; seller in a labor market c. buyer in a product market; seller in a labor market d. seller in a product market; buyer in a labor market e. seller in a labor market; buyer in a product market