One way a government might protect monopoly rights is by:
A. granting a patent.
B. heavily taxing alcohol and cigarettes.
C. running unsubsidized state-owned enterprises that compete with private firms.
D. All of these are ways the government protects monopoly rights.
A. granting a patent.
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
The price of a gallon of gasoline increased from $2.00 to $2.25 while the price of a ride on the city bus increased from 50 cents to 75 cents. The relative price of riding the city bus
A) increased from 0.25 to 0.6. B) decreased from 4.0 to 3.0. C) stayed constant at 0.25. D) stayed constant at 4.0.
In order to achieve a high economic freedom rating, a country must
What will be an ideal response?
Which of the following will most likely occur in the short run if long-run equilibrium is disturbed by an unanticipated decrease in aggregate demand?
What will be an ideal response?