An industry is a natural monopoly when (i) the government assists the firm in maintaining the monopoly. (ii) a single firm owns a key resource. (iii) a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms
a. (ii) only
b. (iii) only
c. (i) and (ii) only
d. (ii) and (iii) only
b
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Which of the following policies face difficult problems of timing?
A) Fiscal policy B) Monetary policy C) Both of the above. D) None of the above.
The original work on the application of the time inconsistency problem in macroeconomics is due to
A) Milton Friedman and Robert Lucas. B) Michael Hutchinson and Carl Walsh. C) Finn Kydland and Edward Prescott. D) Robert Barro and Donald Gordon.
Increases in productivity in the United States since 1929 are mostly due to:
A. Increases in the quantity of labor. B. Increases in the number of U.S. firms. C. Research and development. D. The high salaries paid to workers
The value of an item expressed in today's dollars is known as
A. the real value. B. inflation. C. deflation. D. the nominal value.