If a casino locates in a small suburban/rural area within 20 miles of a larger city that already has a casino, the degree of "local substitution" is likely to be
A. actually negative.
B. nearly zero.
C. nearly complete.
D. significant.
Answer: B
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All of the following are associated with a mixed economy except
A. some public influence over the workings of free markets. B. public ownership mixed in with private property. C. public ownership of the society’s productive resources. D. different countries blending the state and market sectors in different ways.
A market in which there are many sellers who all sell an identical product is called
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
Answer the following statements true (T) or false (F)
1. A positive economic statement is always true. 2. Positive economics deals with “what is” as opposed to “what ought to be.” 3. The largest part of U.S. national income takes the form of profits. 4. Consumption is the ultimate end of economic activity.
Total variable costs: a. Increase when quantity produced increases
b. Decrease when quantity produced increases. c. Sometime increase and sometime decrease when quantity produced increases. d. Can sometimes be constant over a substantial range of output.