If an Industry consists of two large firms, it is known as a(n)
a. monopoly
b. perfect competition
c. monopolistic competition
d. natural monopoly
e. duopoly
E
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A market system is not considered an effective way of controlling self-interest
a. True b. False Indicate whether the statement is true or false
International per capita GDP comparisons are misleading when countries involved differ greatly in
a. the type of economic system each country uses to solve its economic problem. b. the freedom of their election processes. c. the percentage of economic activity that is transacted in organized markets. d. the quantity of human and natural resources they possess.
State and local governments usually finance programs like highways, libraries, hospitals, health care, parks, and police and fire protection
a. True b. False Indicate whether the statement is true or false
Suppose external benefits are present in a market which results in the actual market price of $14 and market output of 150 units. How does this outcome compare to the efficient, ideal equilibrium?
a. The efficient outcome would be greater than 150 units. b. The efficient outcome would be less than 150 units. c. The efficient outcome would also be 150 units. d. The efficient price would be less than $14.