Monopoly has two key features, which are ________
A) barriers to entry and no close substitutes
B) franchises and barriers to entry
C) barriers to entry and close substitutes
D) close substitutes and no barriers to entry
A
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With discretionary policy making, fiscal and monetary policies are usually
A) immune to any lag times that might counter their effectiveness. B) immune to any political overtones. C) set according to pre-established standards that do not take into account any changes in the economy. D) undertaken in response to or anticipation of some change in the overall economy.
Arrange the following goods from least to most elastic, explaining your ordering: gasoline, Exxon gas, Exxon gas at a particular gas station.
What will be an ideal response?
A permanent reduction in planned real investment spending leads to
A) a more than proportional increase in real GDP. B) a more than proportional decrease in real GDP. C) a less than proportional decrease in real GDP. D) a proportional decrease in real GDP.
Explain what is meant by "asymmetric information." Identify and explain the two basic types of problems that arise when there is asymmetric information