Over the past few decades, nominal interest rates have been higher than real rates of interest. This means that
a. lenders must have expected inflation.
b. borrowers must have expected deflation.
c. lenders must have expected prices to fall.
d. borrowers must have expected prices to fall.
a
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To be counted as part of the labor force, a person must:
a. be less than 65 years old. b. have worked at some time in the past. c. be employed in some productive activity. d. be working or actively looking for work. e. be above 16 years of age.
Economies of scale can lead to an oligopolistic market structure because
A) if larger firms have lower costs, new small entrants will not be able to produce at the low costs achieved by the big established firms. B) if economies of scale are insignificant, only a few firms are able to produce at the low costs achieved by the big established firms. C) a few firms can force rivals to produce at low levels of output. D) a few firms can use high profits to keep out new entrants.