President Obama needs to get Congressional approval to enact measures to boost the economy. The time involved to formulate and get approval for these policies are called
A) crowding in. B) outside lags.
C) automatic stabilization. D) inside lags.
D
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Suppose that your tuition to attend college is $14,000 per year and you spend $5,000 per year on room and board. If you were working full time, you could earn $26,000 per year. What is your opportunity cost of attending college?
A) $19,000 B) $31,000 C) $40,000 D) $45,000
The figure above shows a production possibilities frontier. In the figure, which of the following combinations of the two goods are efficient?
A) 4 million cell phones and 4 million DVDs B) 2 million cell phones and 13 million DVDs C) 5 million cell phones and 15 million DVDs D) no cell phones and 15 million DVDs E) None of these combinations is efficient.
A natural barrier to entry is defined as a barrier that arises because of
A) technology that allows one firm to meet the entire market demand at lower average total cost than could two or more firms. B) patents or licenses that exclude others from producing a good or service. C) many firms producing the good and thereby allowing choice for all consumers. D) anticompetitive practices by a firm that keep other firms from producing. E) one firm owning a key natural resource.
What are the four types of market structure?
What will be an ideal response?