The federal government granted 200 million acres of land to railroads. Which of the following statements presents accurate information about these land grants?
a. The railroads were required to return 1/3 of the profits from the sale of this land to the federal government.
b. The alternate section provision allowed state governments to purchase portions of the land grants from the railroads at reduced prices.
c. The system of land grant subsidies were difficult to eliminate because of public opposition.
d. Congress required railroad companies that received land grants to transport mail, troops and government property at reduced rates.
d. Congress required railroad companies that received land grants to transport mail, troops and government property at reduced rates.
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Profits for a monopolist can be illustrated with a graph showing:
a. marginal revenue and marginal profits. b. total revenue and marginal costs. c. marginal revenue and total profits. d. total revenues and total costs.
In a market with barriers to entry:
A. the implications of Adam Smith's theory of the invisible hand can be expected to hold. B. prices will direct productive resources toward underserved markets. C. economic profit will not fall to zero in the long run. D. firms will earn zero economic profit in the long run.
The definition of gross domestic product is
A. the total value of all sales in the economy. B. the total value of production in the domestic economy plus the production of domestic firms in foreign countries. C. the total value of all sales of final and intermediate goods in the domestic economy. D. the total of the money values of all final goods and services produced in the domestic economy within a specific time period.
If markets are left to their own devices, the ________ a good or service is desired by buyers, the ________ its price will be
A) more; higher B) more; lower C) less; higher D) less; more unstable