A good example of central planning at work in the U.S. is:
A. McDonald's fries being the same everywhere.
B. unions working with businesses to establish wages.
C. New York City's rent control program.
D. car manufacturers establishing suggested retail prices.
Answer: C
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For an individual such as a movie star or a pop singer whose natural talents are almost impossible to duplicate
A) all of their earnings consist of economic rents. B) none of their earnings consist of economic rents since rent applies only to land. C) part of their earnings consists of economic rents. D) all of their earnings consist of interest payments.
A multinational company is one which
a. is owned by individuals in more than one country b. has production facilities in more than one country c. markets its product in more than one country d. is owned by individuals in one country but has its production facility in another country e. is owned in part by private individuals and by governments
Which of the following is the best measure of size of government as a share of the economy?
A) total government expenditures as a percentage of GDP B) the supply of money as a percentage of GDP C) public consumption plus private investment as a percentage of GDP D) private consumption as a percentage of Gross Domestic Product
Platform monopolies:
A. increase competitive forces. B. are highly regulated. C. lead to lower product prices. D. create efficiencies in production.