Which of the following success indicators is present in a market system but lacking in a command system?
A. Wages.
B. Income distribution standards.
C. Profit.
D. Production targets.
Answer: C
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U.S. antitrust laws are designed to prohibit monopolization and encourage competition. Why, then, does the government erect barriers to entry and create monopoly power by granting firms patents?
What will be an ideal response?
Consider a world with two income earners and an income tax. Individual A earns $25,000 and pays $1,000 in taxes. Individual B earns $100,000 and pays $4,000 in taxes. Which of the following best classifies the income tax system in this world?
a. proportional b. progressive c. regressive d. sumptuary
The aggregate supply curve is the relationship between the price level and the quantity of real GDP purchased
a. True b. False Indicate whether the statement is true or false
If Verizon Wireless and T-mobile, another wireless service company, were to merge, this would represent
A) a vertical merger. B) a horizontal merger. C) a cartel. D) an up-and-down merger.