In many large U.S. cities, taxicabs operate as near monopolies because of:
A. patents.
B. economies of scale.
C. control of essential resources.
D. licenses.
Answer: D
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The slope of the budget line
A. always equals 1. B. equals income divided by price. C. equals the ratio of the prices. D. decreases as we move from left to right.
China's exchange rate system from 1994 through 2005 is an example of
A) a flexible exchange rate system. B) a fixed exchange rate system. C) a managed float exchange rate system. D) the Bretton Woods System. E) a floating exchange rate system.
Which of the following is correct?
a. Recessions have never occurred very close together. b. Sometimes recessions are close together. c. Economic fluctuations are easily predicted by competent economists. d. Spending, income, and production do not fluctuate closely with real GDP.
Suppose you used the IRR Excel function to determine whether an investment now would create enough profits in the future to be wise, and it showed the IRR to be 8%. This investment is
A. wise at interest rates above 8% and unwise at interest rates below 8%. B. wise at interest rates below 8% and unwise at interest rates above 8%. C. unwise at any interest rate. D. wise at any interest rate.