Which of the following statements is not correct?
a. Part of the deadweight loss associated with monopoly is measured by the monopolist's economic profit.
b. Marginal cost is always less than average total cost in a natural monopoly.
c. Discount coupons available free to the public are a type of price discrimination.
d. Anti-trust laws make it harder for firms to create synergies.
a
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The benefits of economic growth are ________, while the costs of economic growth are ________.
A. increased output per person; less future consumption B. increased output per person; too small for concern C. more current consumption; less future consumption D. increased output per person; the consumption sacrificed in exchange for capital formation
The type of tax receipts that has shown the largest growth since the end of World War II has been
A) personal taxes. B) contributions for social insurance. C) taxes on production and imports. D) corporate taxes.
Gross domestic product is a measure of both
a. the market value of a nation's capital assets (physical capital) and the costs that were incurred producing those assets. b. the expenditures on and sales revenues derived from all goods and services exchanged during a period. c. the market value of the output produced during a period and the cost of producing that output. d. the asset holdings of people and the happiness that they derived from the ownership of those assets.
The Scarcity Principle states that:
A. society will eventually run out of resources. B. some countries have fewer resources than others. C. with limited resources, having more of one thing means having less of another. D. people don't have enough money to buy what they want.