Which of the following markets is likely to be a monopoly?
A) The market for patented nuclear medicines
B) The market for wheat
C) The market for smart phones
D) The market for shower gel
A
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Economists believe that the CPI overstates actual price changes by as much as ________ to ________ percent each year
A) 2; 3 B) 1; 2 C) 0.5; 1 D) 0.5; 1.5
The smallest quantity of output at which long-run average cost is at a minimum is a firm's ________
A) maximum efficient scale B) profit-maximizing output point C) minimum efficient scale D) efficient output point
The environmental Kuznets curve suggests that
a. the environment deteriorates with development b. the environment deteriorates up to some level of GDP then improves c. open economies have less environmental problems d. low-income countries have more environmental problems e. none of the above
Approximately what percentage of the world's extinct species became extinct before humans appeared on earth?
A) 1 percent B) 10 percent C) 20 percent D) more than 99 percent