A monopolist is
A) a firm with the largest annual sales in a country.
B) a single supplier of a good for which there is no close substitute.
C) a large firm that makes all the other firms in the industry do what it wants.
D) a supplier of a good that everyone needs with the result that it makes large profits.
Answer: B
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Which of these demonstrates a negative real shock causing a negative demand shock?
A. Fear among businesses causes them to lay off workers, who eventually return to work at lower wages. B. Bad news, like rising oil prices, causes investors to make more new investments, seeking greater profit opportunities. C. Bad news, like rising oil prices, causes people to become pessimistic and to cut back on their spending. D. Fear among businesses causes them to lay off workers, who lose their skills and become permanently less productive.
Which of the following is a critical element of the Heckscher-Ohlin model?
A) That different goods display different factor intensities in their production. B) That some countries have no comparative advantage in anything. C) That trade may not be beneficial. D) All of the above.