Firms can be governed like democracies are governed
Indicate whether the statement is true or false
False
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A market in which a single firm can produce, at a lower cost than multiple firms, the entire quantity of output demanded is called:
A. diseconomies of scale. B. government intervention. C. a natural monopoly. D. price gouging.
Sjen Mavago, the economics minister of the country of X-Marks-the-Spot, has concluded that entrepreneurs are unable to generate the kind of growth the country needs. Her decision to create state enterprises might be motivated by the desire to
a. earn profit b. provide jobs for friends and relatives of government officials c. take risks d. encourage a free market e. limit government's role in the economy
Which of the following is NOT a beneficial aspect of trade?
A. Someone who owns a good of relatively little value can trade it for something they value more. B. Trade frees people from the need to produce everything themselves. C. Trade allows people to specialize in whatever they do best. D. Trade eliminates the problem of scarcity.
The Federal Reserve Act establishing the Federal Reserve System was passed by Congress in
A. 1788. B. 1913. C. 1863. D. 1934.