Which of the following statements about state lotteries is false?
A. State lotteries are monopolies, with competing private lotteries banned
B. State lotteries are highly controversial, with critics and defenders still debating their merits
C. Less than half of the states in the U.S. have state lotteries because of their controversial nature
D. The payout rates of state lotteries are substantially lower than in private betting operations like casinos
C. Less than half of the states in the U.S. have state lotteries because of their controversial nature
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According to this Application, home equity is the single largest component of net wealth for most families in the United States. As home equity falls
A) autonomous consumption will decrease, shifting the consumption function downward. B) the MPC will decrease, increasing the slope of the consumption function. C) autonomous consumption will decrease, shifting the consumption function upward. D) the MPC will decrease, decreasing the slope of the consumption function.
Which one of the following about a monopoly is false?
A) A monopoly could make profits in the long run. B) A monopoly could break even in the long run. C) A monopoly must have some kind of government privilege or government imposed barrier to maintain its monopoly. D) A monopoly status could be temporary.