Figure 13-2
?
In Figure 13-2, which of the graphs represents a monopolistic competitor in long-run equilibrium?
A. 1
B. 2
C. 3
D. 4
Answer: C
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Social Security was intended to
A. cover all of the income necessary for retirement. B. provide a safety net of retirement income to which recipients would add their savings and pensions. C. provide retirement income for only those without private pensions. D. provide retirement income for only those who did not save for themselves.
The Arrow impossibility theorem
A) explains why it is impossible, in most cases, to eliminate special-interest legislation after it has become law. B) explains why people can be rational as well as ignorant at the same time. C) explains why candidates for public office must represent the preferences of the political middle. D) explains why voting systems do not consistently represent the preferences of voters.
If you lived in Jamaica, you would know that Jamaican NNP less indirect business taxes in Jamaica equals Jamaican
a. GNP b. NNP c. personal income d. personal disposable income e. national income
Define an economy. Illustrate with an example that the economic life of every individual is interconnected