Proponents of deregulation point to all of the following industries as examples of successful deregulation except for:
A. airlines.
B. pharmaceuticals.
C. railroads.
D. interstate trucking.
Answer: B
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Whenever average cost exceeds marginal cost,
A. average cost is rising. B. average cost is falling. C. marginal cost is rising. D. marginal cost is falling.
Use the following graph to answer the next question.
A shift from AD2 shifts to AD1 would be consistent with what economic event in U.S. history?
A. cost-push inflation in the mid-1970s B. Great Recession of 2007-2009 C. World War II in the 1940s D. demand-pull inflation in the late 1960s
When playing a game, you need to
A) anticipate the moves others might be making. B) choose a strategy based on the move you anticipate from your rival. C) both A and B D) neither A nor B
Which of the following statements is true?
A) When two nations specialize and trade, there is a loss of efficiency and both the nations are made worse off. B) Trade between two nations is most beneficial when neither has a comparative advantage in the production of any goods and services. C) Trade between nations allows each nation to specialize in the production of goods in which it has comparative advantage. D) Trade between two nations is possible only when the opportunity costs of producing goods and services in both nations are identical.