In many large U.S. cities, taxicab companies operate as near monopolies because of_____.
A. patents
B. strategic pricing
C. licenses
D. economies of scale
Answer: C
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Government spending as a percent of national income
A) peaked during the Reagan administration. B) peaked during World War II. C) has been steadily climbing since 1850. D) has been almost constant this century.
Positive and negative externalities can lead to market failure
Indicate whether the statement is true or false
When real GDP grows more slowly than potential GDP,
a. nominal GDP rises. b. the unemployment rate falls. c. labor productivity falls. d. the unemployment rate rises.
Based on the graph showing the crowding-out effect, due to the crowding-out effect, the economy ______ its full potential output.
a. cannot stay at
b. exceeds
c. performs exactly at
d. cannot estimate