A "company town" is one in which:
A. a single company directly regulates and monitors all town activity.
B. a single company employs the great majority of people in a town and owns most structures in the town.
C. the company directs most town business by assisting local government.
D. all employees of a company live within its confines.
Answer: B
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A firm has MR = $70 and MC = $20 + Q. Fixed costs are $175.
(a) If the firm is currently producing 30 units, what are its marginal cost and marginal revenue at the current output level? (b) Is the firm maximizing profits? If so, how can you tell? If not, what can the firm do to increase profits?
How does the Current Population Survey determine if a person should be counted in the labor force?
What will be an ideal response?
Which of the following distinguishes a natural monopoly from monopoly caused by ownership of a vital resource?
A. The natural monopoly has a marginal cost curve above its average cost curve at all levels of output, and the marginal cost in other monopolies is also above average cost. B. The natural monopoly does not require any government intervention because it is only efficient to have one large firm supplying the market, but other monopolies do require government intervention to maintain efficiency. C. The natural monopoly has a downward-sloping long-run average cost curve as opposed to a U-shaped long-run average cost curve. D. The natural monopoly occurs with naturally occurring products like gold and diamonds, whereas other monopolies occur with man-made products.
Critics of Fed independence argue that
A. monetary policy and fiscal policy are necessarily inconsistent. B. political control ensures low rates of inflation. C. monetary policy run by specialists is inherently inflationary. D. unelected officials are undemocratic.