Natural monopolies fail to minimize
A. Marginal revenue.
B. Average variable cost.
C. Average total cost.
D. Marginal cost.
Answer: C
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The Laffer curve shows a relationship between
A) interest rates and investment spending. B) government spending and real Gross Domestic Product (GDP). C) tax rates and tax revenues. D) the price level and real Gross Domestic Product (GDP).
Which of the following is an example of anchoring in retail prices?
A) Price tags on the merchandise list a "high" price that is charged at a competing retailer and the a much lower price that the store actually charges. B) An appliance store lists a commercial-quality coffee maker that has high capacity and is very expensive, and all of the other coffee makers are smaller and less expensive. C) Restaurant menus include a premium entree like a steak and lobster dinner that is very expensive, and all of the other entree choices are priced at lower values. D) all of the above
The common measure of wealth used in calculating the distribution of wealth includes
A. human capital. B. financial assets. C. workers' claims on private pension funds. D. the amount an individual will not receive during retirement.
Which of the following is best considered a demand factor in economic growth?
A. The quantity of human resources B. The quality of natural resources C. The stock of capital goods D. The full employment of resources