A common unscrupulous financial practice of railroad promoters (and the basis of the Credit Mobilier scandal) involved
a. federal tax evasion.
b. "insider" ownership of railroad construction companies.
c. sales of worthless railroad bonds to unwitting buyers.
d. insurance fraud.
b. "insider" ownership of railroad construction companies.
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Average total cost minus average variable cost ________ as output increases because ________ as output increases
A) decreases and then increases; marginal cost initially decreases and then increases B) decreases; average fixed cost decreases C) decreases; marginal returns diminish D) decreases; economies of scale are present
Suppose workers agreed to a contract that guaranteed a real wage increase of 3 percent per year. If the inflation rate was 7 percent over the following year, what is the required increase in the nominal wage to meet the contract requirements?
a. 10 percent b. 3 percent c. 4 percent d. 7 percent e. 1 percent
Individuals are more likely to engage in productive activities when institutions and policies
a. create a fair and unbiased judicial system. b. result in high and variable rates of inflation. c. transfer a large share of income through the political process. d. are used to centrally plan the economy.
Which of the following goods is rival in consumption and excludable?
a. a DVD b. a movie in an empty theater c. an outdoor movie shown at a public park d. a movie shown on cable television.