Which of the following most closely resembles a perfectly competitive market?
a. the airline industry
b. the soft drink industry
c. the wheat market
d. long-distance telephone service
c
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Most people living in Country Y have no more than a ninth-grade education. In contrast, about half of the adult population of Country Z has a college degree. Based on this information, which statement about these two countries is most likely true?
a. Country Z does not have many natural resources available. b. Country Y has a higher rate of economic growth than Country Z. c. There are more people living in Country Y than in Country Z. d. The per capita output of Country Z is higher than that of Country Y.
Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. Mike's opportunity cost of producing one car is ________ pound(s) of cheese.
A. 250 B. 1/20 C. 1/250 D. 500
The age-earnings cycle is
A) the distribution of money income by age. B) the distribution of wealth by age. C) the relationship between earnings while working and retirement benefits for an individual. D) the regular earnings profile of an individual throughout his or her lifetime.
The monetary expansion of the mid-1990s was expected to lead to a currency appreciation
a. True b. False Indicate whether the statement is true or false