While legislation enacted in 1998 granted the Bank of Japan new powers and greater autonomy, its critics contend that its independence is
A) limited by the Ministry of Finance's veto power over a portion of its budget.
B) too great because it need not pursue a policy of price stability even if that is the popular will of the people.
C) too great since the Ministry of Finance no longer has veto power over the bank's budget.
D) limited since the Ministry of Finance can dismiss senior bank officials.
A
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Which of the following is a characteristic of an oligopoly market?
a. Each firm in an oligopoly market can take independent pricing and output decisions. b. There are many firms in an oligopoly market hence a firm cannot influence the market price. c. In an oligopoly market, each firm's pricing and output decisions depend on those of its rivals. d. Firms in an oligopoly market always manufacture differentiated products. e. Barriers to entry does not exist in an oligopoly market.
If you must determine the long-run equilibrium output of a perfectly competitive firm and you are permitted to see only one curve, which of the following curves is most helpful?
A. Demand B. Marginal cost C. Average cost D. Average fixed cost