Many communities have granted monopoly rights to cable companies. This is an example of a monopoly created through:
a. government licensing
b. ownership of the cable resources.
c. patent protection.
d. smart business practices by shrewd entrepreneurs.
a
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What are some of the limitations of the Coase theorem in practice?
What will be an ideal response?
Which of the following is most important if the living standards of people residing in a country are going to improve?
a. growth of population b. growth of per capita GDP c. growth of the money supply d. growth of government expenditures as a share of GDP
The kinked demand curve is composed of two segments of two demand curves that intersect. The two segments that make up the kinked demand curves are
a. both related to industry demand b. derived by subtracting the firm's demand curve from the market demand curve and adding it to the industry demand curve c. derived from the firm demand curve and the industry demand curve d. the least elastic segment above price and the more elastic segment below price e. the more elastic segment above price and the least elastic segment below price
When someone stops mowing his lawn and hires a teenager for cash that is unreported, what happens to GDP?
A. It probably does not change. Production has shifted from nonmarket to the underground economy and neither is counted. B. It falls because production by noncitizens is counted in their home country, not in the United States. C. It rises because GDP includes the value of the additional leisure time that dad gets by hiring a noncitizen. D. It rises because a nonmarket activity is now a legal market activity.