Which of the following is not a condition for perfect competition to exist:
a) There are a small number of firms in the industry.
b) All firms are producing the same product.
c) It is easy to either enter or exit the industry.
d) All of the above apply.
Answer: a) There are a small number of firms in the industry.
Economics
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The federal government has major assistance programs aimed at providing all of the following goods, except one. Which is the exception?
a. housing b. energy c. school lunches d. clothing e. food
Economics
The U.S. government agency responsible for compiling the national income accounts is the:
A. Census Bureau. B. Bureau of Labor Statistics (BLS). C. Commerce Department's Bureau of Economic Analysis (BEA). D. Government Accountability Office (GAO).
Economics