The degree to which an economic system approaches a market economy depends on the degree to which
a. economic choices are made through the free interaction of buyers and sellers in the marketplace.
b. there are monopolies in the marketplace.
c. people have a high standard of living.
d. advanced technology is used.
a
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Which of the following is included in the consumption component of GDP?
a. household purchases of appliances. b. household purchases of medical care. c. household purchases of food. d. All of the above are included in the consumption component of GDP.
Which of the following pairs is most likely to represent substitute goods?
A. Hamburgers and hamburger rolls B. Movies and popcorn C. Pork and beef D. Shoes and shoelaces
Most app developers have adopted the business model of
A) charging a small fee for their apps to be downloaded. B) allowing their apps to be downloaded and used for free, while trying to still earn money from users. C) charging a between $1.99 and $2.99 for their apps to be downloaded. D) allowing their apps to be downloaded to one device for free, but charging a high price for the apps to be downloaded to additional devices.
If the inverse demand curve a monopoly faces is p = 100 - 2Q, and MC is constant at 16, then the firm's Lerner Index equals
A) 58/16. B) 16/42. C) 58/42. D) 42/58.