For a natural monopoly, if price is equal to marginal social cost, then
A) the deadweight loss is as large as possible.
B) the firm makes zero economic profit.
C) there is no deadweight loss.
D) there is no deadweight loss and the firm makes a positive economic profit.
C
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According to the data in the table above, real GDP per person grew at a rate of ________ between year 1 and year 2
A) 10 percent B) 0 percent C) 1 percent D) 5 percent E) 50 percent
An economy that does not have interactions in trade or finance with other economies is referred to as
A) a closed economy. B) an open economy. C) a net foreign investment economy. D) a trade-balanced economy.
The proposition that the velocity of money is fairly constant in the long run is known as the ________
A) neutrality of money B) classical dichotomy C) quantity theory of money D) Fisher effect E) none of the above
State and local governments receive the largest portion of their tax revenues from
a. sales taxes and income taxes. b. income taxes and property taxes. c. payroll taxes and income taxes. d. property taxes and sales taxes.