In which of the following markets are we most likely to find a monopoly?
a. Automobile production.
b. Air travel.
c. First-class mail delivery.
d. Clothing production.
C
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An intermediate good is a good that is
A) neither normal nor inferior. B) used as an input. C) a stand-in for all goods. D) is tangible good that includes substantial services.
Most modern economists agree that there is a single factor that can be used to explain economic growth. a. This is a true statement because what are needed are abundant resources
b. This is a true statement because at the foundation of economic growth, it is essential that there exist extensive private property rights. c. This is a false statement because nearly all economists believe that economic growth is a complex process without a single dominant factor. d. This is a false statement because economists typically do not agree on policy issues.