A monopoly exists when
A. One firm produces all the output for a particular good or service.
B. The government intervenes on behalf of consumers.
C. A large number of firms are producing a good.
D. A small number of firms are the only producers of a good.
Answer: A
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President Nixon imposed wage and price controls in the early 1970s to curb inflation. Critics argued that the Nixon-imposed controls
a. did not alter the behavior of workers or businesses and therefore could have no long-run effect on curbing inflation b. worked not only to reduce future expectations of inflation but also economic growth c. while significantly changing long-run inflation rates, led to unacceptable rates of deflation d. was accompanied by large government expenditures e. helped to further heighten market pressures that already existed
M1 is usually larger than M2
Indicate whether the statement is true or false
Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket falls from $50 to $20
A) everyone will buy a ticket. B) consumer surplus decreases from $48 to $24. C) only three tickets will be sold. D) consumer surplus increases from $0 to $62.
What is capital flight?
What will be an ideal response?