Which of the following is the BEST example of a natural monopoly?
A. airline
B. electric utility
C. wheat farm
D. coffee shop
Answer: B
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Earth Movers & Shakers operates 3 iron ore mines. The table below shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total TonsPer DayNumber ofMinersMother Lode10025Scraping Bottom3010Middle Drift7515The opportunity cost of moving one miner from Mother Lode to another mine is:
A. 4 tons per day. B. 1 ton per day. C. 2 tons per day. D. 3 tons per day.
If income decreases, there will be a parallel inward shift of the budget line
a. True b. False
If the society chooses point B instead of point C,
Hypothetical Production Schedule for a Two-Product Economy
A. economic growth is more likely.
B. economic growth is less likely.
C. the chances of achieving economic growth will not be affected.
D. unemployment will result.
Recall the Application about the effectiveness of committees in making decisions about monetary policy to answer the following question(s). If the monthly unemployment rate increase mentioned in the Application wound up being a permanent and not temporary change, the best economic decision by the committee would most likely be to:
A. increase the money supply to stimulate the economy. B. decrease the money supply to stimulate the economy. C. decrease the money supply to slow the economy down. D. not change monetary policy.