From 1991 to 2007, the rate of inflation in the United States has been
A. zero.
B. between zero and 2.1 percent.
C. between 1.6 percent and 4.1 percent.
D. between 3.2 percent and 7.2 percent.
Answer: C
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One benefit of a negative income tax is that it would increase work incentives.
Answer the following statement true (T) or false (F)
Cost-plus pricing
a. is used only in oligopolistic market structures b. simplifies pricing policy by adding a markup to average total cost c. in actual practice leads to markups which are greater for more elastic demand curves d. is likely to increase profits more than the use of marginal analysis e. requires the firm to project the amount which will be sold and then "mark-up" the price based on average variable cost
Which of the following refers to a natural monopoly?
a. A monopoly resulting from government control b. A monopoly resulting from economies of scale c. A monopoly resulting from output leadership d. A monopoly resulting from a large advertising budget e. A monopoly resulting from trade restrictions
Refer to the figure below. Suppose the solid line shows the current demand for coffee. In response to a news story explaining that coffee causes heart disease, you should expect:
A. neither a change in quantity demanded nor a shift in demand. B. the quantity of coffee demanded to decrease, but no shift in the demand curve. C. the demand curve to shift to D(A) because some people will stop drinking coffee. D. the demand curve to shift to D(B) in anticipation of higher future prices.