Natural monopolies include
A. cell phone companies.
B. colleges and universities.
C. fast-food outlets.
D. the local water company.
Answer: D
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
In an advertisement for credit cards, the statement is made, "Think of a credit card as smart money." An economist's reaction to this would be that a credit card is:
A. dumb money. B. simply money. C. actually better than money. D. not money.
Other things equal, which of the following would shift an economy's production possibilities curve to the left?
A. The discovery of a low-cost means of generating and storing solar energy. B. The entrance of more women into the labor force. C. A law requiring mandatory retirement from the labor force at age 55. D. An increase in the proportion of total output that consists of capital or investment goods.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same. B. at any of the labeled points, as all of the points represent an efficient allocation of resources. C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced. D. indeterminate from this information, as we don't have any information about the society's desires.