Shortly after the turn of the century, U.S. Steel owned most of the iron ore reserves in the country. This is an example of
A) monopoly due to government restrictions.
B) a barrier to entry from owning an important resource.
C) a barrier to entry from scale economies.
D) monopoly due to governmental entry restrictions.
B
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Which of the following is true of saving and investment?
a. There is no relationship between saving and investment; people can invest without having to save. b. Saving and investment can never be undertaken together by the same person. c. Saving and investment must always be undertaken by the same person. d. If investment is going to be undertaken, someone must save.
U.S. imports of sugar are limited by an import quota that, according to a study updated in 2013, imposed a total cost on American consumers close to $________, or an average cost of ________ per year for every man, woman, and child in the country
A) $3 billion; $10 B) $105 million; $3 C) $2 billion; $110 D) $3 billion; $2,000 E) $370 million; $2,000
Political incumbents often gain or lose re-election because of a strong or weak economy. Which of the following is an exception to that rule?
A) Al Gore B) George H.W. Bush C) Jimmy Carter D) Herbert Hoover
If the demand for a firm's output is perfectly elastic, then the firm's Lerner Index equals
A) zero. B) one. C) infinity. D) one-half.