Karl Marx said that whoever controlled a society's __________ controlled that society.
Fill in the blank(s) with the appropriate word(s).
plant and equipment (capital), or means of production
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When the demand for electricity peaks during the hottest days of summer, Florida Power and Light Company can generate more electricity by using more fuel and increasing the working hours of many of its employees
The company cannot, however, increase electric power production by building additional generating capacity. This means that the company is in the A) market run. B) short run. C) intermediate run. D) long run.
Which of the following industries can create barriers to the entry of new firms due to size and specificity?
a. A hydroelectric power plant b. A garment manufacturer exporting apparels c. An owner of a retail chain d. An automobile manufacturing company
The seven Fed governors, the president of the Federal Reserve Bank of New York, and four of the presidents of the other regional Federal Reserve Banks constitute the:
A. Federal Reserve System. B. Board of Governors. C. National Monetary Commission. D. Federal Open Market Committee.
An externality is a situation in which
A) private costs diverge from social costs. B) internal costs diverge from private costs. C) there are no social costs. D) the cost borne by the consumer is greater than the monetary price.