The cigarette industry in the United States would be an example of a:
A. differentiated oligopoly.
B. noncollusive oligopoly.
C. homogeneous oligopoly.
D. duopoly.
Answer: A
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What is TRUE about government budget deficits and surpluses since 1940?
A) There have been more government budget surpluses than government budget deficits. B) The number of government budget deficits is about the same as the number of government budget surpluses. C) Balanced budgets have been more common than government budget deficits or government budget surpluses. D) There have been more government budget deficits than government budget surpluses.
In the absence of a Ricardo-Barro effect, a government budget deficit ________ the demand for loanable funds, ________ the real interest rate, and ________ investment
A) increases; increases; crowds out B) increases; decreases; increases C) decreases; increases; increases D) decreases; increases; crowds out
For a downward-sloping demand curve, marginal revenue decreases as quantity sold increases
Indicate whether the statement is true or false
If the probability of an outcome equals one, the outcome:
A. is certain to occur. B. has unquantifiable risk. C. is more likely to occur than the others listed. D. is certain not to occur.