An essential characteristic of a monopoly is:
A. the good must have no close substitutes.
B. there can only be a few sellers in the market.
C. only one buyer must exist.
D. many buyers must exist.
A. the good must have no close substitutes.
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Purchasing power parity is the theory that, in the long run, exchange rates move to equalize
A) the relative purchasing power of currencies across countries. B) nominal interest rates across countries. C) real GDP across countries. D) corporate profits across countries.
The overall welfare effects of trade are ________ if ________
A) positive; those who gain can compensate those who lose and still be better off B) positive; more people gain from trade than lose from it C) negative; some people are made worse off by trade D) negative; those who lose can compel those who gain to compensate them for their losses E) positive; the domestic economy grows faster than do foreign economies