Related to the Economics in Practice on page 274: According to the Economics in Practice, in industries such as electronics and computers, the patent policies of a country ________ when a company in that industry looks at different countries in which to locate its activities.
A. are the only deciding factor
B. do not seem to make much difference
C. are the primary deciding factor
D. must be among the most protective in the word
Answer: B
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The theory of monopolistic competition predicts that in long-run equilibrium a monopolistically competitive firm will:
a. produce at the level in which price equals long-run average cost. b. operate at minimum long-run average cost. c. overutilize its insufficient capacity. d. none of these.
The marginal social cost curve lies below the marginal private cost curve, with the vertical difference between the two curves representing the marginal external cost
Indicate whether the statement is true or false
In the United States:
A. taxes decrease, but transfers increase, income inequality. B. taxes increase, but transfers reduce, income inequality. C. both taxes and transfers decrease income inequality. D. both taxes and transfers increase income inequality.
A single payer system in the United States would
A. decrease availability of health care services to those who are currently uninsured. B. likely decrease the waiting time for certain procedures. C. likely face the same failures and successes like the many other nations that have tried it. D. necessitate a tax cut.