The government and a private business are alike in terms of ________ but different in terms of ________.
A. the economic pressure they feel to be efficient; the economic impact of their spending
B. the economic pressure they feel to be efficient; the nature of their relationships with their customers
C. the nature of their relationships with their customers; the economic pressure they feel to be efficient
D. the economic impact of their spending; the economic pressure they feel to be efficient
Answer: D
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All of the following are functions of the Federal Reserve System (the Fed) EXCEPT
A) supplying currency. B) lender of last resort for consumers. C) check clearing. D) regulation of the money supply.
Which of the following is not a shortcoming of the concentration ratio as a measure of the extent of competition in an industry?
A) Concentration ratios are calculated for the national market, even though the competition in some industries is mainly local. B) Concentration ratios do not address the fact that competition sometimes exists between firms in different industries. C) Concentration ratios assign weights to only the four largest firms in an industry. D) Concentration ratios do not include sales in the United States by foreign firms.
Suppose Darby values a certain smart phone at $400 . Jake values the same smart phone at $300 . The pre-tax price of this smart phone is $250 . The government imposes a tax of $75 on each smart phone, and the price rises to $325 . The deadweight loss from the tax is
a. $150. b. $100. c. $50. d. $0.
If you wanted to produce an output of 7,000, in the long run you would choose a plant whose size was represented by
A. ATC1.
B. ATC2.
C. ATC3.
D. ATC4.