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BAM 223 BAM223 Exam 3 with Answers (CCU)


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What is a network externality?

Gross domestic product is calculated by summing up ________.

Nominal GDP will increase ________.

Which of the following is the BEST example of a perfectly competitive industry?

If a firm shuts down, it _________.

Which of the following is NOT true for a firm in perfect competition?

In the circular flow diagram, ________ supply the factors of production, and ________ goods and services.

A major difference between monopolistic competition and perfect competition is ________.

Personal income is defined as ________.

A virtuous cycle occurs ________.

The factors of production include ________.

Which of the following is NOT a characteristic of long-run equilibrium in a monopolistically competitive market?

A monopoly differs from monopolistic competition in that ________.

If nominal GDP is $5 trillion and real GDP is $4 trillion, the GDP deflator is ________.

In monopolistic competition there is/are ________.

Disposable personal income is defined as ________.

A monopolist faces _________.

Some cartels have failed and others are unstable. Which of the following is a reason why cartels often break down?

What is a prisoner's dilemma?

The key characteristics of a monopolistically competitive market structure include ________.

A merger between U.S. Steel and General Motors would be an example of a ________.

The Organization of Petroleum Exporting Countries (OPEC) controls about 75 percent of the world's proven oil reserves. Economists refer to OPEC as a cartel because ________.

An industry's long-run supply curve shows _________.

When a proposed merger between two companies is reviewed by the government, the relevant market is defined by

Which of the following is NOT an example of a monopolistically competitive market?


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