An advantage of a functional division is that performance is
a. More easily measured
b. More difficult to measure
c. Not measured
d. None of the above
a
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Natural monopolies occur when
a. government antitrust laws are too weak or not enforced b. negative externalities are present c. firms collude to set prices and divide the market among themselves d. one firm can service the market more cheaply than two or more firms can e. a public good is produced by a private firm
Which of the following istrueconcerning the indifference map?
a. Each consumer has a map of indifference curves. b. Consumers always prefer curves farther from the origin. c. Each indifference curve in the map represents a different level of total utility. d. All of the above are true. e. None of the above is true.
The difference between microeconomics and macroeconomics is that
a. microeconomics deals with only small numbers while macroeconomics is always dealing with numbers in the billions and trillions b. microeconomics deals with the economy as a whole while macroeconomics deals with individual firms c. microeconomics is concerned with the behavior of individual decision-makers while macroeconomics is concerned with behavior of entire economies d. microeconomics is only useful for small countries while macroeconomics is useful for large countries e. microeconomics is only useful for large economies like the United States while macroeconomics is only useful for small economies
Discuss the differences between a tariff and a quota. Explain why quotas are considered to be a greater threat to competition than tariffs.
What will be an ideal response?