An advertising race among oligopolists may be rational if it
a. is defense advertising.
b. raises entry barriers.
c. increases cost per unit of sales.
d. encourages new entrants.
b
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The inflation rate you are likely to hear on the nightly news is calculated from
a. the GDP deflator. b. the CPI. c. the Dow Jones Industrial Average. d. the unemployment rate.
If a country had a trade deficit of $10 billion and then its exports rose by $20 billion and its imports rose by $10 billion, its net exports would now be
a. $0 b. $10 billion. c. -$10 billion. d. -$20 billion.
The ______________________: is the expenditure required to construct the building today, replicating it in exact detail.
Fill in the blank(s) with the appropriate word(s).
An economic model:
A. exactly explains what happens in the real economy. B. approximates all facets of what happens in the real economy. C. does not make clear assumptions about the economic activity. D. discards unnecessary details to clearly demonstrate the central principles of the economic activity.