Refer to the information provided in Scenario 22.5 below to answer the question(s) that follow.SCENARIO 22.5: The tiny nation of Bugaboo consists of two virtually identical islands, Achoo and Zoink, separated by the Strait of Dingo. The islands are similar in geography and population. The only telephone service on the islands is cellular, and the only cellular provider on the islands is the government-owned Bugaboo Communications Company, which charges a standardized rate of 20 Bugabucks per minute. Both islands add on an additional $5 Bugabucks-per-minute usage tax. As a way to increase revenue, the island governor of Zoink decided to increase the usage tax to $10 per minute, effective January 1, 2017. The average monthly cellphone usage per month is listed in the table below.?Average
Monthly Telephone Use per Resident (minutes)Island20162017Achoo4,5005,150Zoink4,8005,225Refer to Scenario 22.5. The total cost of telephone service for residents of Zoink in 2016 is ________ Bugabucks.
A. 4,800
B. 24,000
C. 96,000
D. 120,000
Answer: D
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The term oligopoly is highly ambiguous in the absence of
A) a clear and defensible definition of the product. B) a clear price structure. C) a definition of marginal cost. D) accounting rules adequately defining net revenue. E) clear distinctions between competitive and noncompetitive industries.
In the United States, most workers
a. work for government of some sort. b. produce raw materials for manufacturing. c. work in agriculture and farming. d. produce services rather than goods.
Under the principle of comparative advantage total output is greatest when each product is made by the country that
A. enjoys an absolute advantage. B. has the lowest opportunity cost. C. has the lowest wage rates. D. has the lowest degree of specialization.
What would the aggregate expenditure model have to take into account in order to explain stagflation?
a. shifts in the aggregate supply curve b. shifts in the aggregate expenditure curve c. shifts in the aggregate demand curve d. shifts in the equilibrium curve