A natural monopoly is one that arises from
A) patent law.
B) economies of scale.
C) copyright law.
D) any government-imposed barrier to entry.
E) mergers.
B
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Refer to Table 20.1. George is a single taxpayer with an income of $65,000. If George had received a raise of $3,500 at the beginning of the year, he would have paid an additional ________ in income tax
A) $665 B) $945 C) $1,000 D) $1,330
A production subsidy combined with free trade
A) has the same deadweight costs as a tariff. B) has only consumption deadweight costs. C) has only production deadweight costs. D) None of the above.
Bank failures tend to occur most often during periods of:
A. recessions when many borrowers have a difficult time repaying loans and lending activity slows. B. stock market run ups when, like many companies, banks tend to be overvalued. C. wars and other civil unrest. D. high inflation when the fixed rate loans of many banks cause their real returns to decrease.
Last year you purchased 20 shirts at $15 apiece, 30 USBs at $12 each, and 5 sweaters at $25 apiece. This year you buy 20 shirts at $20 apiece, 30 USBs at $12 apiece, and 5 sweaters at $20 apiece. If last year's index was 100, this year's index is
A. 91.3. B. 109.5. C. 102.0. D. 9.5.