A subsidy is
A) the revenue received from the government to produce a good or service by a public authority.
B) a voucher received by the government from producers of goods and services.
C) a payment that the government makes to private producers of goods and services.
D) a tax imposed on the producers of certain goods or services.
E) a tax imposed on the consumers of certain goods or services.
C
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If the price elasticity of demand for a good equals one, then the demand for that good is:
A. inelastic. B. elastic. C. unit elastic. D. perfectly elastic.
Refer to the information below. What is the vertical intercept of the demand curve?
A small nation has three gasoline suppliers with a linear monthly market demand equal to: Q = 500,000 - 5P. Each firm's marginal cost (MC) and average total cost (ATC) curves are horizontal at $10,000 per month. A) 0.50 B) 100,000 C) 0.20 D) 500,000
Malthus predicted that the power of population
a. was greater than the power of the earth to produce subsistence. His forecast was on the mark. b. was greater than the power of the earth to produce subsistence. His forecast was off the mark. c. was less than the power of the earth to produce subsistence. His forecast was on the mark. d. was less than the power of the earth to produce subsistence. His forecast was off the mark.
Which of the following is a problem associated with judging competitiveness by structure?
A. It is difficult to determine the relevant market and the relevant industry necessary to identify the structural competitiveness of any industry. B. It requires that each action of a firm be analyzed on a case-by-case basis, which is very time- consuming and expensive. C. Structure can be a predictor of future performance. D. Whether the actions of a firm can be considered appropriate competitive behavior depends on the circumstances.