The economy of Cuba most closely approximates:
A. laissez-faire capitalism.
B. a command economy.
C. a market economy.
D. pure capitalism.
Answer: B
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When the real interest rate falls, there is
A) an upward shift of the consumption function. B) an increase in the slope of the consumption function. C) a movement upward along the consumption function. D) a decrease in the slope of the consumption function. E) a downward shift of the consumption function.
Regulatory capture is where
A) governments take over monopolies through use of regulation. B) firms impose barriers to entry on regulators. C) regulators of an industry look out for the industry instead of society. D) the government taxes the profits of monopolies such that all producer surplus goes to the government.
The Sherman Antitrust Act was passed to
A) protect companies from foreign competition. B) protect the monopoly profits of firms. C) control the growth of monopolies in the U.S. D) prevent market price from equaling marginal cost.
Elasticity rises as price falls along a linear, downward-sloping demand curve
a. True b. False