Efforts by a firm to obtain a monopoly
A) are called price discrimination.
B) increase consumer surplus.
C) are called rent seeking.
D) are called price taking.
C
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Fiscal policy is defined as
A) the discretionary changing of government expenditures and/or taxes to achieve national economic goals. B) the design of a tax system to transfer income from the rich to the poor. C) the use of the taxing power of the government to redistribute wealth in a socially acceptable manner. D) the use of Congressional power to pursue social and political goals.
Andrew just lost his job as a corkscrew operator since his company has found a machine to perform his work tasks. Andrew did not have the skills needed to operate the machine. Andrew has searched for a new job for 6 months and continues to search
Therefore, Andrew is considered to be A) frictionally unemployed. B) a discouraged worker. C) cyclically unemployed. D) structurally unemployed.
When economies of scale are present,
A. costs per unit decline as output expands. B. the government feels responsible for breaking up the firm. C. firms always make handsome profits. D. costs fall as the size of the product is increased.
The term structure of interest rates describes the relationship between the rate of interest charged and the
a. length of time until repayment of the loan b. amount of the loan c. riskiness of the borrower d. identity of the borrower e. age of the lender