Which of the following would be an excellent example of a lumpy input
a. pancake griddles
b. water
c. labor
d. corn
e. pancake batter
A
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The majority of the members of the U.S. Congress want to retain the so-called Fairness Doctrine as a control over television and radio broadcasters because
A) competition by itself cannot produce fairness. B) government oversight is required to assure equal time for conflicting points of view. C) television and radio are local monopolies to a large extent. D) the air waves belong to the public. E) the doctrine gives more power and influence to members of Congress.
If an individual wins a multimillion dollar lottery and chooses to receive annual payments equaling the total prize, this person has a
A) relatively low discount rate. B) relatively high discount rate. C) discount rate of zero. D) It is impossible to tell.
A patent issued by the government, gives a firm monopoly power on certain products or discoveries
a. True b. False Indicate whether the statement is true or false
Input-output analysis is rarely used because
a. it requires tremendously complex calculations. b. it requires large amounts of data. c. market economies can instead rely on the price mechanism to organize production. d. All of the above are correct.