The market outcome in a duopoly with homogeneous products is similar to that in ________
A) a perfectly competitive market
B) a monopolistically competitive market
C) a monopoly
D) an oligopoly with differentiated products
A
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When a perfectly competitive, well-functioning market is not in equilibrium:
A. total surplus can be increased by a change in market price. B. the market is not efficient. C. there are exchanges that can make some better off without someone becoming worse off. D. All of these are true.
Whether we look at marginal tax rates or average tax rates, the U.S. income tax is
a. progressive b. based on the benefits received c. proportional d. regressive e. All of the answers are correct.
The price of borrowing is known as the:
A. equilibrium price. B. interest rate. C. transaction cost. D. None of these is true.
Which of the following is an example of U.S. foreign direct investment?
a. A Chinese company opens a restaurant in the U.S. b. An Australian bank buys stocks issued by a U.S. corporation. c. A U.S. bank buys bonds issued by an Australian corporation. d. A U.S. company opens an auto parts factory in Canada.