The South African diamond production monopoly is an example of monopoly through
A. “patent power.”
B. legal restriction.
C. control of scarce resources.
D. large sunk costs.
Answer: C
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American households spend more of their incomes on goods than on services.
Answer the following statement true (T) or false (F)
Compared to the U.S. production function, the European production function is
A) lower. B) the same. C) higher. D) lower than the U.S. production function at low levels of employment and higher than the U.S. production function at high levels of employment. E) higher than the U.S. production function at low levels of employment and lower than the U.S. production function at high levels of employment.
In the United States, consumers usually pay less than the true cost of medical treatment because of
A) adverse selection. B) rising insurance premiums. C) rising insurance deductibles. D) third-party payers.
In recent years, the poorest 20 percent of the U.S. population received approximately 15 percent of the total income
a. True b. False Indicate whether the statement is true or false