Any market that is served by an oligopoly is in effect served by a monopoly
a. True
b. False
Indicate whether the statement is true or false
False
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
Use the following consumption schedule to answer the next question.
The graph above shows the relationship between consumption and income. The ratio LM/PL would be a measure of the
A. average propensity to consume. B. marginal propensity to consume. C. marginal propensity to save. D. average propensity to save.
The World Bank is an international organization that
A) promotes the growth of trade by setting rules for how tariffs and quotas are set by countries. B) makes loans to countries to finance projects such as dams and roads. C) makes loans to countries with balance of payment difficulties. D) helps developing countries that have been having difficulties in repaying their loans to come to terms with lenders in the West.
Refer to the graph showing the demand for books. The quantity demanded when price is $16.00 is:
A. 4 books. B. 8 books. C. 2 books. D. 6 books.