The increase in competition in the United States between 1958 and 1988 was not a result of
a. increased imports
b. deregulation
c. antitrust activity
d. penetration of markets by foreign producers
e. import quotas
E
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Income taxes paid by corporations are
A) the major source of revenue for the federal government. B) the major source of revenue for state governments. C) the major source of revenue for local governments. D) about 9 percent of the federal government's revenue. E) the major source of expenditure by the federal government.
The above figure shows the payoff matrix for two firms. A chemical firm must choose between a low level of production which yields one ton of pollution into a nearby lake and a high level of production which yields two tons of pollution into the
nearby lake. A private beach on the lake must decide whether to operate or not. Increased pollution reduces the number of people who wish to visit the beach. If the chemical firm owns the lake, and the beach owner must pay $10 to keep the chemical firm at just one ton of pollution, then A) the beach shuts down and the chemical firm produces one ton of pollution. B) the beach shuts down and the chemical firm produces two tons of pollution. C) the beach operates and the chemical firm produces one ton of pollution. D) the beach operates and the chemical firm produces two tons of pollution.
If the demand curve is a vertical line, it means that:
A. regardless of price, the quantity demanded is a constant amount. B. regardless of quantity, the price is a constant amount. C. the good is inferior. D. the good has many substitutes.
A "bubble" in the housing market can be more easily fueled by
A. cash-only financing requirements. B. exclusive reliance upon banks as a source of credit. C. "exotic" mortgages. D. traditional mortgage loans.