A monopoly firm is a price
a. taker and has no supply curve.
b. maker and has no supply curve
c. taker and has an upward-sloping supply curve.
d. maker and has an upward-sloping supply curve.
b
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Suppose a Japanese bank offers a 4 percent interest rate and U.S. banks offer a 2 percent interest rate. People must expect the yen to
A) depreciate by 2 percent. B) appreciate by 2 percent. C) depreciate by 6 percent. D) appreciate by 6 percent.
To avoid an increase in the local property tax, Sullivan County, New York, proposed a 2 percent hotel tax, which presumably would be passed on to tourists. The hotel industry argued that the tax would hurt hotel business. They are really arguing that
a. tourist and convention demand is inelastic, so hotel bookings will decline. b. tourist and convention demand is very elastic, so hotel bookings will decline. c. they would prefer a property tax increase instead. d. it is unfair to tax people who do not live in the area.
The production possibilities curve illustrates the basic principle that
a. an economy's capacity to produce is unrelated to its population. b. if all the resources of an economy are being used efficiently, more of one good can be produced only if more of another good is produced. c. an economy will automatically move toward a point at which all of its resources are being used inefficiently. d. if all the resources of an economy are being used efficiently, more of one good can be produced only if less of another good is produced.
According to the dual-control approach, states set abatement levels for existing stationary sources below the EPA-administered standard for new sources. The "new source bias" associated with this approach is that
a. firms have an incentive to shut down their businesses b. states have an economic motive to set very stringent standards for existing sources c. firms have an incentive not to start new construction and instead remain in older, existing facilities d. the EPA has an incentive to set lenient standards for new sources