The presence of a privately-owned monopoly helps:
A. the monopolist.
B. government.
C. consumers.
D. society overall.
Answer: A
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Economic growth will
A) shift the production possibilities curve inward. B) shift the production possibilities curve outward. C) shift along the production possibilities curve toward the X-axis. D) be a movement from inside the productions possibilities curve to the curve itself.
Long-term growth in production in an economy can be partially explained by: a. improvements in the rules of the game that facilitate production and exchange. b. the peaks and troughs of the business cycle or economic fluctuations
c. trade surpluses that lead to accumulations of precious metals. d. federal government budget deficits. e. a gradual but consistent increase in the price level.
Which is a determinant of supply?
a. Consumer income b. Tastes and preferences c. Production (resource) costs d. Number of consumers
Refer to the data provided in Table 17.6 below to answer the following question(s). The table shows the relationship between income and utility for Isabel.Table 17.6 IncomeTotal Utility $00 $40,00020 $80,00050$120,00090$160,000150Refer to Table 17.6. Suppose Isabel has a 25% chance of becoming disabled in any given year. If she does become disabled, she will earn $0. If Isabel does not become disabled, she will earn her usual salary of $160,000. Isabel has the opportunity to purchase disability insurance for $40,000 which will pay her her full salary in the event she becomes disabled. Isabel's utility with the policy is
A. 37.5 and her expected utility without the policy is 75. B. 90 and her expected utility without the policy is 37.5. C. 112.5 and her expected utility without the policy is 90. D. 90 and her expected utility without the policy is 112.5.