A monopoly whose monopoly power is based on its exclusive access to a resource is always threatened by the possibility of
a. technological change
b. patents
c. economies of scale in production
d. new firms entering the industry
e. its position as a natural monopoly
A
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Joe likes to sleep late in the mornings and play tennis in the afternoons. The opportunity cost of Joe attending his morning class for one hour is
A) an hour of tennis given u
Aneta has owned an Italian sports car for several years and now she wants to sell it. She paid $8,500 for it in 1993 and she has just sold it for $39,000 in 2015 . How is this sale included in the GDP for 2015?
a. $8,500 is included in 2015 GDP b. $39,000 is included in 2015 GDP c. The increase in value of $10,500 is included in 2015 GDP d. It is not included in 2015 GDP
Voluntary restraint agreements:
A. are prohibited by NAFTA. B. hurt consumers in both the short run and the long run. C. hurt workers in both the short run and the long run. D. do not affect imports in both the short run and the long run.
The figures in the table below are for a single commercial bank. All figures are in thousands of dollars.
Refer to the data given above. If the reserve ratio is 10 percent and a check for $10,000 is drawn and cleared in favor of another bank, then the actual reserves of the bank above will:
A. Still be $40,000
B. Decrease $10,000
C. Decrease $11,000
D. Decrease $9,000