When comparing industries, a monopolistically competitive industry is less competitive than an oligopoly
a. True
b. False
Indicate whether the statement is true or false
False
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Since the mid-1970s, compared to the United States, European unemployment rates are/is
A. higher. B. much lower. C. about the same as in the United States. D. not compared to the United States, because there are no unemployed in Europe
Which central bank has its exchange rate as a focus of its monetary policy?
A) Bank of Canada B) Bank of England C) European Central Bank D) Federal Reserve
_________ is where it is cheaper for separate products to be produced independently than for one firm to produce the same products jointly.
Fill in the blank(s) with the appropriate word(s).
Answer the following questions true (T) or false (F)
1. In a free market there are virtually no restrictions, or at best few restrictions, on how factors of production can be employed. 2. Crude oil is not an example of a factor of production, but when crude oil is processed into gasoline, it is a factor of production. 3. Each person goes about her daily business seeking to maximize her own self interests. In doing so, she contributes to the welfare of society at large. This is the idea underlying Adam Smith's "invisible hand."