Economic growth tends to be higher in a country that
A. has a low saving rate.
B. has an undeveloped system of property rights.
C. does not grant patents to investors.
D. has an open economy that encourages the rapid spread of technology.
Answer: D
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The graph shows the market for holiday condos in West Palm Beach. If a rent ceiling is set at $1,700 a week, the quantity of holiday condos rented
A) is 2,000 a week. B) is 4,000 a week. C) is 5,000 a week. D) is some amount, but more information is needed to determine the amount. E) depends on the black market.
The table above lists the market shares of the twenty makers of personal computers. Based upon the Herfindahl-Hirschman Index for this industry, the Justice Department would
A) regard the industry as highly concentrated. B) be against any two firms merging. C) consider the market oligopolistic. D) regard the industry as competitive.
The amount of government spending on education per public school student has ________ since 1960, and the achievement level of students has generally ________ since that time
A) increased; increased B) decreased; decreased C) increased; decreased D) decreased; increased
Other things being equal, a firm in a cartel will most likely cheat on a price-fixing agreement by:
A. secretly increasing sales to a large number of small customers. B. secretly lowering price and increasing sales to a few customers. C. increasing price and restricting its output. D. organizing promotions of the product.