Which of the following is a characteristic of an oligopolistic industry?
a. interdependence of a firm's price and output decisions
b. low barriers to entry
c. small output of individual firms relative to the total market
d. a large number of competing firms
A
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Taking some types of spending "off budget" means
A) eliminating that spending. B) financing the spending by special one-time taxes. C) borrowing to finance it instead of using tax revenue. D) not counting that spending as part of the official budget.
If a group of economists believes the following points are true, which is likely to be their policy making stance?
? Aggregate demand shocks have no long run effect on real Gross Domestic Product (GDP) or unemployment. ? Pure competition is widespread throughout the economy. ? Real wages are flexible. ? The Phillips Curve trade-off does not exist in the long run. A) They will support discretionary policy making. B) They will support passive policy making. C) They will support active policy making. D) They will argue that any attempt at economic policy making is futile.