An advocate of supply-side fiscal policy would advocate which of the following?
A. imposition of new taxes on technological advances
B. more regulation
C. increase in resource prices
D. reduction in taxes
Answer: D
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Natural monopolies result from the peculiar relationship between
a. government regulation and the ownership of scarce resources b. threats to potential entrants and the price of the product c. the size of market demand and the firm's cost structure d. product differentiation and the ownership of patents e. the firm's advertising campaigns and its labor policies
The smallest component of national income is
A. rent. B. interest. C. profits. D. salaries and wages.
For markets operating at quantities lower than the equilibrium quantity produced in an equivalent perfectly competitive market:
A. consumer surplus is always increased. B. total surplus for society is reduced. C. the outcome is efficient. D. total surplus is increased.
A good or service that is rival but nonexcludable is called a ________, and a good or service that is nonrival but excludable is called a ________.
A. public good; collective good B. commons good; public good C. commons good; collective good D. public good; private good