Which of the following is not a characteristic of a monopoly?
A.) High barriers to entry
B.) Differentiated product
C.) Ownership of essential resources
D.) Large economics of scale
B.) Differentiated product
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Which of the following is the best indicator of the performance of the national economy?
a. The budget deficit of the federal government b. The stock of capital goods (machinery) in the nation c. The nation's stock of money d. The balance of trade with other nations e. The value of the final goods and services produced in the nation
Profit-maximizing, competitive firms will not discriminate in the hiring of workers unless consumers exercise a preference for discrimination in product markets or governments mandate discrimination
a. True b. False Indicate whether the statement is true or false
The total cost curve
A. is parallel to the total fixed cost curve. B. is a horizontal line. C. increases at a decreasing rate due to diminishing returns. D. is parallel to and above the total variable cost curve.
One justification for the creation of a federal level of government is:
A. greater responsiveness to the will of the voters. B. to encourage local diversity in the types of public goods provided. C. economies of scale in the provision of military defense. D. the ability to deficit spend.