Market power refers to:
A.) the use of market prices and sales to signal desired outputs.
B.) the ability and willingness to sell specific quantities of a good.
C.) the ability of a firm to alter the market price of a good or service.
D.) None of the above.
C.) the ability of a firm to alter the market price of a good or service.
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In the circular flow model, the expenditures on goods and services flow in the
A) same direction as goods and services in all cases. B) same direction as goods and services only if they both flow through the goods market. C) same direction as goods and services only if they both flow through the factor market. D) opposite direction as goods and services. E) same direction as factor markets.
In a market economy, which of the following is most important if a worker is going to achieve high earnings?
a. hard work b. provision of goods and/or services that others value highly c. having a graduate degree in a field like history or sociology d. membership in a labor union
Which of the following is not correct?
a. When a union is present in a labor market, wages are determined by the equilibrium of supply and demand. b. Like any cartel, a union is a group of sellers acting together in the hope of exerting their joint market power. c. The process by which unions and firms agree on the terms of employment is called collective bargaining. d. Most workers in the U.S. economy are not members of a union.
To prevent bank runs and the consequent bank failures, the United States established the ________ in 1934 to provide deposit insurance
A) FDIC B) SEC C) Federal Reserve D) ATM