A monopolist is defined as
A) a firm with annual sales over $10 million.
B) a large firm, making substantial profits, that is able to make other firms do what it wants.
C) a single supplier of a good or service for which there is no close substitute.
D) a producer of a good or service that is expensive to produce, requiring large amounts of capital equipment.
Answer: C
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According to supply-side economists, lowering corporate income taxes:
a. results in wage hikes for employees but no economic growth. b. moves society toward greater income equality. c. checks the expansion of real GDP and employment. d. stimulates investment and economic growth. e. does not create enough incentive for producers to increase production.
Learning economies differ from economies of scale because
A. the former involves rising average costs and the latter involves falling average costs as a result of higher output levels. B. the former involves output in a single period of production and the latter involves cumulative output. C. the first is a short-run phenomenon and the second is a long-run phenomenon. D. the former involves cumulative production and the latter involves rate of production per period.
One measure of “ability to pay” the national debt is the debt to
A. GDP ratio. B. tax ratio. C. spending ratio. D. investment ratio.
If the current account balance is -$100 billion, net interest = $0, net transfers = $0, then
A) the country is loaning abroad. B) there was an increase in net foreign assets. C) exports are greater than imports. D) the capital and financial account balance must be +$100 billion. E) imports are greater than exports.