A monopolist charges a price that is ________ and produces ________ than a perfect competitor
A) lower; less
B) higher; less
C) higher; more
D) lower; more
Answer: B
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According to this Application, some conservatives worry that a value-added tax ________ and some liberals worry that a value-added tax ________
A) will penalize high-income individuals; will decrease per-capita GDP B) will discourage consumers from saving; will decrease federal tax revenue C) will result in consumers not realizing all the taxes they pay; is regressive D) is progressive; will reduce investment.
Which of the following is TRUE regarding the quantity theory of money?
I. The theory predicts that in the long run the inflation rate equals the money growth rate minus the growth rate of real GDP. II. The theory predicts that countries with high growth rates of money will have high inflation rates. III. The theory predicts that increases in the growth rate of velocity lowers the inflation rate. A) I and II B) II and III C) I and III D) I, II and III
In economics, specialization means
a. producing something using only one type of resource, such as labor b. producing something using only one type of labor c. focusing efforts on a particular product or a single task d. producing only one unit of output e. producing something using only one unit of a variable resource
Recall the Application about the productivity of large infrastructure investments to answer the following question(s). According to the Application, what is the massive investment project did China recently embark on?
A. bullet trains B. irrigation C. stem cell research D. reforestation