By 1850, the predominant port in the U.S. was
a. Charleston.
b. New Orleans.
c. Savannah.
d. New York.
d. New York
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AirTran, JetBlue, Southwest Airlines and Sun Country Airlines are generally referred to as low-cost airlines
Why might this type of industry be used as an example of a contestable market? Can you think of any reasons why this might not be a good example of a contestable market?
In the employment of any resource, a firm should
A) equate marginal revenue product with the cost of the additional resource. B) hire each input unit that adds more to revenue than it adds to costs. C) hire each input unit provided its marginal physical product is greater than zero. D) A and B are both correct.
If the production possibilities frontier is a straight line,
a. its slope will equal -1 b. resources must not be used efficiently c. resources must be unemployed d. society must not be using the latest technology e. resources must be equally adaptable at producing either product
Public choice analysis indicates
a. most income transfers will be directed toward the poor. b. rent-seeking activities will improve the efficiency of resource allocation and promote economic growth. c. rent seeking will be less attractive if the nation's legal (or constitutional) structure makes it difficult to use the political process to take the property or income of others. d. politicians will consistently oppose programs favored by rent seekers if those programs reduce the welfare of society.