Economists use the term imperfect competition to describe:
A. all industries that produce standardized products.
B. any industry in which there is no nonprice competition.
C. a pure monopoly only.
D. those markets that are not purely competitive.
Answer: D
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Which of the following is correct regarding why interest rates differ for different people or businesses, or for things like business loans, mortgage loans, student loans, and car loans?
a. Interest rates tend to be lower for those borrowers judged to be less likely to repay their loan. b. Interest rates tend to be higher for loans extended for shorter periods of time. c. The cost of administering one large loan will tend to be higher than the cost of administering the same amount of money extended to borrowers through many small loans. d. Interest rates tend to be lower for those borrowers judged to be more likely to repay their loan.
Automatic stabilizers
a. increase the problems that lags cause in using fiscal policy as a stabilization tool. b. are changes in taxes or government spending that increase aggregate demand without requiring policy makers to act when the economy goes into recession. c. are changes in taxes or government spending that policy makers quickly agree to when the economy goes into recession. d. All of the above are correct.