BHP Billiton is a Canadian company that owns mines in Canada that
A) produce nickel. After World War II, BHP Billiton began to compete with another Canadian firm, the International Nickel Company. This competition eventually ended International Nickel's monopoly in this market.
B) produce bauxite, the mineral needed to produce aluminum. BHP Billiton began to mine bauxite after World War II. This competition eventually ended the Aluminum Company of America (ALCOA)'s monopoly in this market.
C) produce coal. Until World War II, BHP Billiton had a monopoly on coal in Canada.
D) produce diamonds.
Answer: D
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Which of the following statements is not compatible with the opportunity cost theory?
A) Demand plays a role in the determination of costs. B) Labor costs depend upon the demand for labor. C) Relative prices reflect the relative amount of human labor required to produce goods. D) Supply as well as demand depends upon subjective preferences.
What is the maximum a monopolist would be willing to spend on rent-seeking behavior?
What will be an ideal response?
A recent push in development economics is to:
A. fund only those programs that prove to be effective. B. put more focus on a program's effectiveness. C. stop the trial and error process of funding programs that "might" work. D. All of these statements are true.
The major categories of federal government spending are
What will be an ideal response?