All of the following are true about a monopolist EXCEPT
A. the demand curve for its product is perfectly elastic.
B. its demand curve is the same as the market demand for the industry.
C. it produces a product with no close substitutes.
D. it is a single seller of a good or service.
Answer: A
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The Taft-Hartley Act outlawed all of the following practices EXCEPT
A) secondary boycotts. B) union shops. C) closed shops. D) sympathy strikes.
Since the 1980s the proportion of income received by the top 5 percent of Americans has ____, and the measured income of Americans in the lowest fifth has ____
a. risen; risen b. risen; fallen c. fallen; risen d. fallen; fallen
Which of the following are ways to ration goods and services?
A. price B. political power C. physical force D. All of these are correct.
Referring to Figure 4.1, the increase in output from point B to C is greater than the increase in output from point C to D because 
A. better workers are usually hired after the earlier ones. B. more workers always produce more. C. eventually workers are up against the fact that there are fixed inputs and more workers do not add as much. D. a small number of workers cannot take as good advantage of the division of labor as a larger number.