Which of the following will lead to an increase in the gross domestic product of a country?
A) An increase in expenditure on investment goods
B) A fall in the expenditure on consumption
C) A fall in the expenditure incurred by the government
D) An increase in imports
A
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Which of the following statements is correct?
a. Public ownership is preferred to regulation in order to minimize the dead weight losses associated with natural monopolies b. Antitrust laws are always the best way to limit monopoly power. c. It is possible that the best approach to monopolies is for the government to do nothing. d. Marginal-cost pricing requires a natural monopoly to earn zero economic profits..
When a demand schedule is drawn as a graph,
A. price is measured on the vertical axis. B. quantity is measured on the horizontal axis. C. the resulting curve has a negative slope. D. the other variables (besides price and quantity) are held constant. E. All of these responses are correct.
An unintended bad outcome is referred to as a(n) ________ and ________ cause harm to an individual firm.
A) accident; cannot B) mistake; cannot C) accident; can D) mistake; can
A hilly, public golf course is often used by sledders in the winter. One of the sledders was quoted as saying, "This is public property, so we have just as much a right to be on these hills as anyone else. Besides, when it snows, golfers can't use the course anyway. Sledding doesn't harm anything." Is he correct? Why or why not?