Two countries have equal population. These countries will have equal income per capita in a particular year if ________
A) the countries have equal inflation rate in that year
B) the GDP of both the countries are equal in that year
C) equal amounts of capital are available in both the countries in that year
D) the size of the working age population in both the countries are equal in that year
B
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Which of the following is a difference between an oligopoly with differentiated products and a monopolistic competition?
A) There are no barriers to entry in an oligopoly with differentiated products, while there are huge barriers to entry in a monopolistic competition. B) There are huge barriers to entry in an oligopoly with differentiated products, while there are minimal barriers to entry in a monopolistically competitive market. C) Firms in an oligopoly market with differentiated products charge a price higher than marginal cost in the long run, while firms in a monopolistic competition charge a price lower than marginal cost in the long run. D) Firms in an oligopoly with differentiated products charge a price lower than average total cost in the long run, while firms in a monopolistic competition earn a price higher than average total cost in the long run.
In response to the early Keynesians, monetarists contended that
A) monetary policy during the Great Depression was not easy. B) bank failures during the Great Depression were not the cause of the decline in the money supply. C) evidence from the Great Depression demonstrated the ineffectiveness of monetary policy. D) there is a weak link between interest rates and investment spending.