The deregulation of AT&T was possible primarily because
a. CAB was abolished
b. of satellite technology developments
c. no competitors wanted to enter the market
d. AT&T is a natural monopoly
e. AT&T kept its monopoly on telephones, but not lines
B
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Distinguish between scarcity and shortage.
What will be an ideal response?
The empirical evidence indicates that compared to economies that are less free, countries with institutions and policies more consistent with economic freedom
a. grow more rapidly, but experience higher poverty rates. b. achieve higher income levels per person but experience higher poverty rates. c. grow more rapidly and achieve larger poverty rate reductions. d. Experience less rapid rates of economic growth and higher overall poverty rates.
Professor Cowen suggests that, in practice, fiscal policy is not ideal because:
A. voters typically expect the federal government to balance its budget even during a recession. B. elected officials have an incentive to raise taxes even when the appropriate fiscal policy response is to cut taxes. C. the federal government continually has budget deficits rather than having surpluses when the economy is healthy. D. political infighting makes it unlikely that Congress will ever approve a budget, let alone approve fiscal policy actions.
Refer to the following graph.
The perfectly competitive firm depicted is currently:
A. incurring a loss that is larger than total fixed cost, and so the firm should shut down. B. earning positive economic profit. C. incurring a loss, but the loss is smaller than the firm's total fixed cost. D. earning zero economic profit.