What is one kind of monopoly that the U.S. government generally permits?
a. the telephone company
b. professional sports leagues
c. low-price gasoline
d. certain kinds of medications
Answer: professional sports leagues
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Under a flexible exchange rate system a decline in the value of a currency relative to other currencies is a called a ________ and under a fixed exchange rate system a decrease in the official value of a currency is called a ________.
A. depreciation; devaluation B. appreciation; revaluation C. depreciation; appreciation D. revaluation; appreciation
The above table shows the total product schedule for Hair Today, a hair styling salon. The average product when four workers are hired is
A) 10 hair stylings. B) 15 hair stylings. C) 20 hair stylings. D) 240 hair stylings. E) the same as when five workers are hired.
What are property rights?
A) the title to ownership of any physical asset B) the rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it C) a legal document verifying ownership of intangible assets D) the right of the government to appropriate private assets for the good of society
Wealth creating transactions are less likely to occur
a. Without private property rights b. Without contract enforcement c. Both a and b d. None of the above