Depreciation is all of the following, except:
A. The difference between GDP and NDP
B. The difference between gross investment and net investment
C. The accumulation of capital stock
D. The consumption of fixed capital
C. The accumulation of capital stock
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Which of the following describes a natural monopoly?
a. When economies of scale are large relative to size of market b. Created by the government through patents, copyrights c. When one firm has control of a physical resource d. When one firm pursues predatory pricing
In the case where cigarette firms conceal information about the negative externalities associated with cigarette smoking, the market is said to be characterized by
a. asymmetric information b. moral hazard c. social cost d. government failure e. greed
Suppose that this graph describes the current labor market for high school teachers:
Why might the supply curve in this market shift to the left?
A. Women enter the workforce in greater numbers B. More attractive employment opportunities become available in other professions C. Immigration by families with children increases the need for teachers D. Distance learning and computer technology replace human teachers
Which group has ultimate control over the U.S. economy?
A. Business B. Government C. Multinationals D. Households