List four examples of oligopolies in the United States.
What will be an ideal response?
1) Soft drink industry. 2) Automobile industry. 3) Tobacco industry. 4) Long-distance telephone service industry.
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According to traditional Keynesians, when the central bank increases the money supply during a recession
A) people will spend all of the money on goods and services. B) people will borrow more from banks. C) people will keep most of it in their bank accounts. D) people will refuse to use the money.
Determine the range of abatement within which policy achieves positive net benefits.
Suppose that the benefits and costs of water quality policy have been estimated as follows: MSB = 40 – 0.8A MSC = 10 + 0.2A TSB = 40A – 0.4A2 TSC = 10A + 0.1A2, where A is the percentage of pollution abatement and the benefits and costs are measured in thousands of dollars.
The primary function of taxes is to
A. Correct inequities in the distribution of goods and services. B. Increase private saving. C. Transfer the command of resources from the private sector to the public sector. D. Increase the purchasing power of the private sector.
National income accountants define investment to include:
A. any increase in business inventories. B. the addition of cash to a savings account. C. the purchase of common or preferred stock. D. the purchase of any durable good, for example, an automobile or a refrigerator.