A perfect monopoly:
A. can extract all consumer surplus from a market.
B. refers to a single seller.
C. controls 90 to 100 percent of the market for a product.
D. would produce efficient outcomes.
Answer: B
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In a centrally planned economy, the concept of marginal cost
A) is important if planners want to achieve their objectives at the lowest possible cost. B) is irrelevant because resources can be obtained by government decree. C) is irrelevant because socialist firms do not have to earn profits. D) is irrelevant if industries can be subsidized.
Temporary Assistance to Needy Families is a government program with the goal of:
A. redistribution. B. economic growth. C. social insurance. D. None of these is true.
John Maynard Keynes concluded that investment spending is determined by
a. business confidence. b. economic expectations. c. psychological perceptions about the economy. d. All of the above are correct.
Some poor countries appear to be falling behind rather than catching up with rich countries. Which of the following could explain the failure of a poor country to catch up?
a. The poor country has outward-oriented trade policies. b. The poor country allows foreign direct investment. c. The poor country has poorly developed property rights. d. All of the above are correct.