Question

This is a 4 part question. There are 4 multiple choice questions, please answer each one.

5. Legislation setting high minimum wage rates benefits:

A only people who were previously receiving less than the legal minimum.

B many people receiving wages far above the minimum by reducing competition from unskilled workers.

C primarily teenagers and unskilled workers

D no group in the economy, but is nonetheless widely supported out of ignorance.

E the whole economy by pushing up average income.

6. When determining her accounting profit, a entrepreneur would include:

A her foregone interest

B none of the answers are correct

C her foregone wages

D all of the answers are correct

E her foregone rent

7. Using the strict definition of "monopoly" it is possible to claim:

A all of the answers are correct

B Harvard University is not a monopoly because there are alternatives to a college education.

C Harvard University is a monopoly because only it grants Harvard degrees.

D Harvard University is not a monopoly because there are alternative to a Harvard eduction.

8. In the late 1990s the Justice Department claimed that Microsoft Corporation was a monopoly, using the literal definition of the term. This strategy could be successful as long as the Justice Department:

A adopted a narrow definition of the markety within which Microsoft produces, so as to exclude Macintosh, Linux, and other operating systems.

B adopt neither of the above

C adopt both these answers

D adopted a broad definition of the market within which Microsoft produces, so as to include Macintosh, Linux, and other operating systems.

5. Legislation setting high minimum wage rates benefits:

A only people who were previously receiving less than the legal minimum.

B many people receiving wages far above the minimum by reducing competition from unskilled workers.

C primarily teenagers and unskilled workers

D no group in the economy, but is nonetheless widely supported out of ignorance.

E the whole economy by pushing up average income.

9. For what reason is the U.S. Post Office a monopoly in the traditional (not strict) sense?

A It controls information.

B It is the sole supplier of mail services.

C It enjoys the legal, exclusive privilege of being the sole provider of first-class mail service.

D for all the reasons mentioned

Answer 1

Answer for 5

It will increase the average wage of society hence the last option suits correct here.

Hence whole economy will benefit Option E is correct resposne here

Answer for 6
Accounting profit is only deals with external costs hence none of the abve is correct response here

Answer for 7

Harward degree is the monopoly of Harward university Hence option 3 is correct response

Answer for 9

It contorls information sole supplier of mail services and enjoys privilege of sole provider from government

Hence for all the reasons mentioned above we have US Post office as monopoly