Exclusive ownership of a key resource
a. is the most common cause of a monopoly.
b. is a potential but rare cause of a monopoly.
c. explains the monopoly ownership of the US Postal Service.
d. explains why a single firm distributes water to a community.
b
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For a Giffen good, the income effect is:
a. less than the substitution effect b. greater than the substitution effect c. in the same direction as the substitution effect d. exactly offset by an equal substitution effect e. none of the above
Most of the direct spending at the state government level is on
A. Transportation. B. Public safety. C. Defense. D. Education.
A nation can produce two products: tanks and autos. The table below is the nation's production possibilities:
Refer to the above table. The total opportunity cost of three units of tanks is:
A. 6 units of tanks
B. 350 units of autos
C. 650 units of autos
D. 1000 units of autos
Rupert recently purchased a non-maturing bond for $10,000 that pays $350 semi-annual coupons. His expected rate of return per year on the bond is
A. 4 percent B. 7 percent C. 10 percent D. 12 percent