Which of the following is NOT a component of gross domestic product?
A. net exports
B. government purchases
C. purchases by consumers of used goods
D. purchases by consumers of finished goods
Answer: C
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An industry in which economies of scale allow one firm to supply the entire market at the lowest possible cost is called a
A) legal monopoly. B) natural monopoly. C) single-price monopoly. D) one-firm monopoly.
What area in the above figure is the consumer surplus at the efficient quantity?
A) A B) A + B + C C) F D) D + E + F
Which of the following would not be a Pareto superior move?
a. A market exchange. b. A group that unanimously decides to undertake an activity. c. A group that decides by majority rule to undertake an activity. d. A contingent contract for a group to undertake an activity at some time in the future.
The Earned Income Tax Credit (EITC) is a tax provision that allows poor working families to receive income tax refunds greater than the taxes they paid during the year. Therefore, the EITC works much like a