Limited government licenses that create a monopoly do so because
A) the license generates a marginal cost advantage.
B) the monopoly will become a natural monopoly.
C) a barrier to enter the market exists.
D) All of the above.
C
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Today farms with sales of more than $250,000 a year account for about _____ percent of all agriculture sales.
A. 5 B. 25 C. 50 D. 75
Explain how we "read" the three scatter diagrams in Figs. A1.3 and A1.4
What will be an ideal response?
In the United States and other high-income countries, capital's share and labor's share of total income have been about ________, respectively
A) 1/2 and 1/2 B) 4/5 and 1/5 C) 1/3 and 2/3 D) 3/4 and 1/4
A movie star was paid $1 million in 1960 to do a movie. The CPI was 29.3 in 1960 and the CPI in 2014 was 240. Approximately how much did the movie star earn in 2014 dollars?
A) $0.87 million B) $8.66 million C) $6.44 million D) $7.74 million E) ?$8.19 million