The main function of a platform firm is to
A. deal with the government on behalf of sellers.
B. create entry barriers for an industry on behalf of existing firms.
C. perform collective bargaining with sellers on behalf of buyers.
D. link producers with consumers.
Answer: D
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In 1996, an advisory committee of economists that studied the CPI found
a. no bias in the CPI b. that in a typical year the CPI overstates the inflation rate by at least 1.1 percent per year c. that the CPI consistently overestimates the inflation rate by less than 1 percent per year d. that the CPI typically underestimates the inflation rate e. that the CPI is somewhat erratic; it occasionally underestimates and occasionally overestimates the inflation rate
The unreported or illegal production of goods and services in the economy that is not counted in GDP is termed:
A. money laundering. B. the underground economy. C. disposable personal income. D. indirect national income.
Which of the following is mentioned in the textbook as a deficiency in private markets for which government action can provide a remedy?
A. Excessive levels of debt B. Low interest rates C. Pollution D. High prices
The figure illustrates the demand for hamburgers. When the price is $1.00 a hamburger, the elasticity of demand is ________ and a 1 percent increase in the price will ________ the quantity of hamburgers demanded by ________ percent
A) 1.00; decrease; 0.40 B) 0.40; decrease; 0.40 C) 2.50; increase; 2.50 D) 5.00; decrease; 5.00