Coca Cola and Pepsi, which together account for about 85 percent of the soft drink market, are best described as being in
A) a monopoly market.
B) an oligopolistic market.
C) a perfectly competitive market.
D) a monopolistically competitive market.
B
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When the labor market is in equilibrium so that the quantity of labor supplied equals the quantity demanded,
A) there is no unemployment. B) the economy is at full employment. C) nominal GDP equals real GDP. D) there is no inflation. E) real GDP might be more than, less than, or equal to potential GDP.
The largest source of receipts for the federal government is
A) corporate income taxes. B) personal income taxes. C) capital gains taxes. D) Social Security taxes.
If a firm hires its fourth worker for $5 and its fifth worker for $8, then
a. the firm is a monopolist. b. the firm must be substituting capital for labor. c. the fifth worker must have been less productive than the fourth. d. the firm is not maximizing its profit. e. the labor market is not perfectly competitive.
If a country increases its saving rate, which of the following permanently grow at a higher rate?
a. productivity and real GDP per person b. productivity but not real GDP per person c. real GDP per person but not productivity d. neither real GDP per person nor productivity