Which of the following is not a typical customer in the wholesale market for foreign exchange?
a. A central bank
b. A tourist
c. A large company
d. The government
e. A supranational agency
.B
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Antitrust cases that are brought to the courts by the Justice Department typically rely on perfect competition as a benchmark for lawyers to determine whether a firm is competitive or monopolistic
Why is this a troublesome criterion to use in prosecuting such cases?
In a perfectly competitive market, the driving force behind long-run economic change is
a. government intervention b. employment c. economic profit or loss d. management e. altruism
In a particular country in 1999, the average worker had to work 20 hours to produce 55 units of output. In that same country in 2009, the average worker needed to work 28 hours to produce 77 units of output. In that country, the productivity of the average worker
a. increased by 2 percent between 1999 and 2009. b. increased by 5 percent between 1999 and 2009. c. remained unchanged between 1999 and 2009. d. decreased by 3 percent between 1999 and 2009.
Which of the following equations shows elastic demand?
a. ED = 1 b. ED >1 c. ED < 1 d. ED x 1