Many economists believe there is a good chance that if the government had not taken over passenger rail service, Amtrak would
a. be making economic profits today
b. be facing competition from numerous other rail systems
c. provide services that generate significant tax revenues
d. not exist at all today
e. operate in the long run at a loss to private firms
D
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In the context of collective decision-making, external costs are _____
a. the costs imposed on everyone in the group b. the costs imposed on those outside the group c. the costs imposed on those who voted for the decision d. the costs imposed on those harmed by the decision
Which of the following is responsible for providing currency and cash to banks?
A. The Legislative Branch of government. B. Comptroller of the Currency. C. The Federal Reserve System. D. The U.S. Treasury.
Some economists believe that the good times of the early 2000s were not sustainable because they were creating a dangerous financial bubble and trade deficit.
Answer the following statement true (T) or false (F)
Efficiency wage theory suggests that firms may hold wages above the market clearing rate because
A. unspoken agreements between workers and firms are in place. B. they believe that the productivity of workers increases with the wage rate. C. long-term contracts fix wage rates for a period of one to three years. D. it is required by law that they do so.