A firm, such as a public utility, which is the sole producer in a market in which the government determines prices and standards of service, is known as a(n):
a. local monopoly.
b. natural monopoly.
c. regulated monopoly.
d. oligopoly.
e. monopolistically competitive firm.
c
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The Federal Reserve System is divided into how many districts?
A) 1 B) 5 C) 7 D) 12
Which of the following statements is correct?
A. Marginal social cost is the share of marginal cost caused by an activity that is paid for by the persons who carry out the activity. B. Marginal private cost is the share of marginal cost caused by an activity that is borne by persons other than those who carry out the activity. C. Marginal social cost is the sum of marginal private cost and incidental cost. D. Marginal private cost and incidental cost are one and the same.
Taking a limousine to a five-star restaurant in New York is a:
A. want to both Joe Average and Richie Rich. B. necessity to Richie Rich but a luxury to Joe Average. C. necessity to both Joe Average and Richie Rich. D. want to Richie Rich and a luxury to Joe Average.
Growth of real GDP per person is totally determined by the growth of average:
A. labor force participation and the share of income going to capital. B. labor productivity and the proportion of the population employed. C. labor force participation and the share of the population employed. D. labor productivity and the proportion of the population in the labor force.