A company town in the lumber or mining industry is an example of a
A) monopoly.
B) bilateral monopoly.
C) buyer's monopoly.
D) monopsony.
D
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Say that the equilibrium price of natural gas would be $5 per thousand cubic feet, but there is a price floor imposed at $7 per thousand cubic feet. That price floor is then lowered to $5 per thousand cubic feet. As a result, a. the shortage of natural gas will get worse
b. the shortage of natural gas will get less severe. c. the surplus of natural gas will get worse. d. the surplus of natural gas will be eliminated.
Which of the following sentences about the benefits of foreign investment is true?
a. Foreign investment is invited only in labor-intensive industries. b. Foreign investment has more effect on employment in developing countries. c. Most expenditures on research and development are made by the major developing countries. d. The ability of foreign firms to utilize modern technology in a developing country depends on having a supply of engineers and technical personnel in the host country. e. Foreign investment will improve balance of payments if the foreign investment is used to produce goods primarily for domestic consumption.
Suppose that country A produces mostly consumption goods and few investment goods, while country B produces mostly investment goods with few consumption goods. Other things constant, which of the following is most likely to happen in the future?
a. The per capita income of country A will grow more rapidly than country B. b. The population of country B will grow more rapidly than country A. c. The production possibilities curve (PPC) of country B will shift out more rapidly than the PPC of country A. d. The production possibilities curve (PPC) of country A will shift out more rapidly than the PPC of country B.
In thinking about the criteria for an ideal voting system, unanimity means if:
A. the median in the group prefers option X to option Y, then X beats Y. B. the majority of the group prefers option X to option Y, then X beats Y. C. no one in the group prefers option X to option Y, then it must still be possible for X to beat Y. D. everyone in the group prefers option X to option Y, then X beats Y.