The kinked oligopoly demand curve does not describe the demand curve for monopolistic competition because in monopolistically competitive markets,
A. Firms have no market power.
B. Firms are not as interdependent as oligopolistic firms.
C. There is no nonprice competition.
D. There is not as much product differentiation as in oligopoly.
Answer: B
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Alex works in his own home as a homemaker and full-time caretaker of his children. Officially, he is
A. not in the labor force. B. in the labor force. C. employed. D. unemployed.
The belief that education makes a person more productive and thereby raises his or her wage is referred to as the
a. signaling view of education. b. natural-ability view of education. c. unmeasured-variables view of education. d. human-capital view of education.
Internationally, recessions
a) are likely to begin in the smallest economies and spread to larger ones b) are isolated events, uncorrelated across countries c) in one region mean that world demand has shifted elsewhere, so other countries do not fall prey to downturns at the same time d) are especially contagious among trade partners e) are most pronounced among Socialist countries
by raising the. required reserve ratio the Fed can
What will be an ideal response?