Which of the following is an example of natural monopoly?
A. a market for cable TV services
B. a market for breakfast cereals
C. a market for cold medicines
D. a market for cigarettes
Answer: A
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Some economists argue that the productivity slowdown from mid-1970s to mid-1990s actually didn't happen, but just "appeared" to happen because
A) exports were becoming a less important part of the economy, and it was hard to measure decreases in output from exports. B) of the high inflation levels of the 1970s. C) new environmental laws had passed and forced firms to spend to reduce pollution, and this spending did not raise output. D) increased spending on health and safety raised worker productivity.
When a borrower fails to pay back a loan according to the agreed-upon terms, it is called:
A. credit risk. B. opportunity cost. C. default. D. inflation.