Suppose you can fly from Charlotte to London, but only two airlines provide the service. This market would be described by
A. limited competition.
B. monopoly.
C. oligopoly.
D. monopolistic competition.
Answer: C
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Which of the following changes would have the largest impact on the CPI?
A) a one percent increase in the cost of housing B) a one percent increase in the cost of transportation C) a one percent increase in the cost of medical care D) a one percent increase in the cost of education E) a one percent increase in the cost of apparel
One of the three Key Steps of economic analysis is
a. describing the conditions necessary for equilibrium and a method for determining that equilibrium b. determining who are the suppliers and a method for counting the number of suppliers c. determining who are the demanders and a method for counting the number of demanders d. pairing up each demander with a particular supplier e. pairing up each suppliers with a particular demander
Other things the same, a government regulation that prevents using a current technology raises the price level.
a. true b. false
Keynes believed that an increase in savings would:
A. raise aggregate demand by increasing consumption. B. raise aggregate demand by reducing investment. C. reduce aggregate demand by reducing investment. D. reduce aggregate demand by reducing consumption.