Transitioning from a centrally planned economy to a market economy
A. cannot occur.
B. is a theoretical concern only.
C. requires simply adopting market economy rules and laws.
D. is possible but faces many challenges.
Answer: D
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Which of the following taxes is least likely to be shifted?
a. a federal excise tax on grapefruit b. a sales tax on some foodstuffs c. a personal income tax d. a state tax on football tickets
Millionaires tend to be older than the general population because
a. older workers generally have more education than younger workers. b. many achieve millionaire status by saving from a relatively modest income, and this will take a lengthy period of time. c. the earnings of most people peak during the retirement phase of life. d. older people have less to do, and therefore, they have more time to come up with innovative ideas.
Which of the following is both a store of value and regularly used as a medium of exchange?
a. cash and stocks b. cash but not stocks c. stocks but not cash d. neither cash nor stocks
Answer the following statements true (T) or false (F)
1. If a market is defined more broadly, then the chances that firms in that market will be found to be violating antitrust laws based on the "structuralist" perspective will increase. 2. A conglomerate merger is a merger between firms at different stages of the production process of a product, such as a merger between a flour milling company and a baking company. 3. Strict enforcement of antitrust laws will generally complement the economic objective of encouraging new technologies that require large amounts of capital investment. 4. Public regulation rather than public ownership has been the primary means used in the United States to ensure that the behavior of natural monopolists is socially acceptable. 5. If the government regulates a natural monopoly and sets a "fair return" pricing policy, then the regulated firm will have greater incentive to improve its operating efficiency.