According to the text, to effectively control most American corporations requires
a. a person to own nearly all of the voting stock
b. a person to own at least 51 percent of the voting stock
c. a person to own at least 75 percent of the voting stock
d. as little as 10 percent of the voting stock
e. a person to own all of the corporate bonds
D
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A utility maximizing person has a utility function such that their marginal rate of substitution equals the amount of good Y they consume divided by the amount of good X that they consume (i.e. MRS = Y/X). If the prices of goods X and Y are the same, then the person will
a. consume more X than Y. b. consume more Y than X. c. consume equal amounts of X and Y. d. we must know the person’s income before coming to a conclusion.
The market for unskilled labor is illustrated in the figure above. The market is in equilibrium and then a minimum wage of $5 per hour is imposed. Employment will fall by
A) 0 hours. B) 10 million hours per year. C) 20 million hours per year. D) 30 million hours per year.
Although some economists believe network externalities are important barriers to entry, other economists disagree because
A) they believe that the dominant positions of firms that are supposedly due to network externalities are to a greater extent the result of economies of scale. B) they believe that most examples of network externalities are really barriers to entry caused by the control of a key resource. C) network externalities are really negative externalities. D) they believe that the dominant positions of firms that are supposedly due to network externalities are to a greater extent the result of the efficiency of firms in offering products that satisfy consumer preferences.
Improvements in the level of technology will generally shift the production function downward.
Answer the following statement true (T) or false (F)