Which of the following firms have market power?
A. private universities
B. fast food chains such as McDonald's
C. theme parks
D. All of these have market power.
Answer: D
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A black market can emerge for a good if ________
A) the good is taxed heavily B) there is an excess supply of a good C) the consumption of the good is subsidized D) the production of the good is subsidized
If aggregate demand shifts right and the President and Congress want to use fiscal policy to reverse the change in output, they could
a. increase government expenditures. If by the time policy has been implemented the economy has moved back to long-run equilibrium, then this policy will raise output above its long-run level. b. increase government expenditures. If by the time policy has been implemented the economy has moved back to long-run equilibrium, then this policy will reduce output to below its long-run level. c. decrease government expenditures. If by the time policy has been implemented the economy has moved back to long-run equilibrium, then this policy will raise output above its long-run level. d. decrease government expenditures. If by the time policy has been implemented the economy has moved back to long-run equilibrium, then this policy will reduce output to below its long-run level.
Economists who have studied the impact of immigration on world welfare generally find after considering impacts on all constituencies that world GDP has _______ as a result of immigration of workers and FDI.
a. decreased b. risen c. remained constant d. decreased sharply
Which would be considered an investment according to economists?
A. A fishing-company owner buys Google shares B. A fishing-company buys a few boats from another fishing company that was closing out C. A fishing-company owner buys new fishing gear D. A fishing-company owner buys fuel to run the boats