In politics a special interest group is describes as which of the following?
a. large relative to size of nation and only interested in the needs of big business
b. small relative to size of nation and only interested in the environment
c. small relative to size of nation, well-organized and focused on a specific interest
d. large relative to size of nation, disorganized and focused on a specific interest
c. small relative to size of nation, well-organized and focused on a specific interest
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According to Chamberlin, the fact that in the long run average total cost exceeds its minimum value under monopolistic competition is
A) the social cost of monopolistic competition. B) the most important reason for why monopolistic competition is not efficient. C) part of the cost of producing different products for consumers. D) actually beneficial because it makes adjustments easier when demand increases.
In some industries, like insurance, both small and very large firms coexist and compete quite effectively in the market. This indicates that the long-run average total cost curve in these industries
a. is "U" shaped. b. is downward sloping over all levels of output. c. exhibits constant returns to scale over a wide range of output. d. exhibits diseconomies of scale beginning at a low rate of output.
Which of the following countries devote the smallest percentage of its GDP to taxes?
A. Norway B. Sweden C. France D. United States
The demand for good X has been estimated to be ln Qxd = 100 ? 2.5 ln PX + 4 ln PY + ln M. The advertising elasticity of good X is:
A. 0.0. B. 1.0. C. ?2.5. D. 4.0.