Which of the following industries is most likely to exhibit the characteristic of free entry?
a. nuclear power
b. municipal water and sewer
c. dairy farming
d. airport security
c
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Gasoline stations carrying the same fuel brand (e.g., Chevron) are able to charge different prices in San Francisco because:
A. location is a source for product differentiation. B. gasoline stations are perfect price discriminators. C. gasoline station operators form a cartel to act as a monopoly. D. fuel quality varies across stores.
Which of the following is a normative statement?
A. Fiscal policy is determined by the Congress and the president. B. Tax cuts ought to be enacted for the good of the economy. C. Monetary policy is determined by the Federal Reserve System. D. The Gross Domestic Product is the dollar value of all goods and services produced in a country in a year.
Using the above table, a unit tax of $2 is imposed on the product. The equilibrium price of this product after the tax is imposed is
A. $2. B. $3. C. $4. D. $5.
Recent data suggests that the percentage of the population in poverty for African-American persons is significantly lower than that of Hispanic persons.
Answer the following statement true (T) or false (F)