Under what market structure do we have products like toothpaste, airlines, fast food, and shampoos?
A. Monopoly
B. Perfect competition
C. Oligopoly
D. Monopolistic competition
Answer: D
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List the three coordination decisions made by every economy
a. Where? When? How? b. How? What? To whom? c. Why? Where? What? d. When? To Whom? Where?
If Iowa's opportunity cost of corn is lower than Oklahoma's opportunity cost of corn, then
a. Iowa has a comparative advantage in the production of corn. b. Iowa has an absolute advantage in the production of corn. c. Iowa should import corn from Oklahoma. d. Oklahoma should produce just enough corn to satisfy its own residents' demands.
Some economists believe that permanently lower marginal income tax rates __________ the incentive to work and thus shift the __________
A) increase; LRAS curve to the right B) increase; AD curve to the right C) increase; SRAS curve to the left D) decrease; LRAS curve to the right E) decrease; AD curve to the left
Social Security was enacted in the
A. 1910s. B. 1960s. C. 1870s. D. 1930s.