Which of the following would create a natural monopoly?
A) ownership of all the available units of a necessary input
B) an exclusive right granted to supply a good or service
C) requirement of a government license before the firm can sell the good or service
D) technology enabling a single firm to produce at a lower average total cost than two or more firms
E) a patent granted the producer of the good or service
D
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Based on the information in the table, the total amount of bank deposits decreased from ________ to ________ over the course of 1932. Currency held by public(in billions)Reserve-deposit ratioBank reserves (in billions)Money supply (in billions)December 1931$4.590.095$3.11$37.3December 1932$4.820.109$3.18$34.0
A. $37.3 billion; $34.0 billion B. $34.2 billion; $30.8 billion C. $32.7 billion; $29.2 billion D. $37.3 billion; $32.7 billion
The services British capital provides in Spain are a service export from Britain
A) therefore they are subtracted from British GDP in calculating British GNP. B) therefore they are added to Spanish GDP in calculating Spanish GDP. C) therefore they are added to British GDP in calculating British GNP. D) therefore they are added to Spanish GNP in calculating Spanish GDP. E) therefore they are subtracted from Spanish GNP.
In colonial America, ____________ was/were especially scarce, while the supply of _______________ was plentiful
a. land and labor; capital b. capital and labor; land c. land and capital; labor d. unskilled labor; skilled labor
Answer the following questions true (T) or false (F)
1. The decisions General Motors makes in determining production levels for its Chevy Volt is an example of a microeconomic topic. 2. Individuals can use economic principles to improve their decision-making process. 3. A primary role of economists is to not only describe how choices are made and analyze the results of those choices, but also to advise on how better decisions can be made.