Which of the following pairs illustrates the two extreme examples of market structures?
a. perfect competition and oligopoly
b. perfect competition and monopoly
c. monopoly and monopolistic competition
d. oligopoly and monopolistic competition
b
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Partial crowding out implies that a government deficit financed by selling bonds to the non-bank public will
A) have no effect on aggregate demand. B) reduce aggregate demand. C) increase aggregate demand. D) reduce aggregate demand in the short run but cause demand to increase in the long run.
Which of the following is consistent with the classical position on wages and prices?
A) Wages and prices are inflexible in the downward direction, but not in the upward direction. B) Wages are inflexible in the downward direction, but prices are flexible. C) Wages and prices are flexible. D) Prices are inflexible in the downward direction, but wages are flexible.