The U.S. Postal Service has a monopoly on the delivery of first-class mail due to
a. economies of scale.
b. a lack of initiative on the part of competing firms.
c. legal barriers limiting entry.
d. control over an essential resource.
C
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The government's authority to take private property for public use is referred to in economics as a land grab
Indicate whether the statement is true or false
Politicians have often kissed babies to improve their re-election prospects. A rational politician will kiss babies as long as
A) the public is impressed. B) the marginal benefits exceed the marginal costs. C) there is a camera crew to document the activity. D) the babies are cute.
From an economic point of view, _____ makes a lot of sense because it takes advantage of the gains produced by specialization
a. bicameral legislatures b. representative democracy c. proportionality in the House of Representatives d. bureaucracy
Corporate managers and stockholders usually have the same goal of maximizing profit
Indicate whether the statement is true or false