The Haig-Simons definition of income
A. is measured over a given time.
B. measures an individual's power to consume.
C. is a net change measure.
D. all of these answer options are correct.
D. all of these answer options are correct.
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An industry characterized by a small number of dominant firms that face downward-sloping demand curves is best described as:
A) a monopoly. B) monopolistically competitive. C) an oligopoly. D) perfectly competitive.
The questions of what to produce, how to produce, and for whom are answered by
A. free-market economies. B. economies that are a mixture of planning and markets. C. command economies. D. all economic systems in some manner.
A free-rider problem arises whenever: a. goods cannot be provided exclusively to those who pay for them. b. the price of a good is very low
c. the government provides goods or services. d. goods cease to be scarce.
Frank is purchasing products C and D in utility-maximizing amounts. If the price of C is $4 and the price of D is $2, then:
A. the marginal utility of D is twice that of C. B. the marginal utility of D is the same as that of C. C. the marginal utility of C is twice that of D. D. the marginal utility of C is four times that of D.