An example of a monopoly based on control of a key resource is
A) Major League Baseball.
B) NASA.
C) Microsoft's Windows operating system.
D) the U.S. Food and Drug Administration.
Answer: A
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If real GDP was 100 in 2015 and 104.4 in 2016, the growth rate of real GDP between 2015 and 2016 was
A) 2.2 percent. B) 4.4 percent. C) 100 percent. D) 102.2 percent.
When both players in a zero-sum game play their ideal strategies, the expected payoff for each player is zero
Indicate whether the statement is true or false
For Product X, the income elasticity of demand is -2.56. Which of the following is therefore TRUE?
A) Product X is a necessity. B) Product X is a luxury. C) Product X is an inferior good. D) Product X is a normal good.
High and unexpected inflation has a greater cost
a. for those who save than for those who borrow. b. for those who hold a little money than for those who hold a lot of money. c. for those whose wages increase by as much as inflation than those who are paid a fixed nominal wage. d. for savers in low income tax brackets than for savers in high income tax brackets.