Which of the following is NOT an example of a barrier to entry?
A. Rare natural minerals
B. Heavy government regulations
C. Lower costs
D. Scarce land
Answer: C
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An increase in the size of the working-age population
A. decreases labor supply. B. decreases labor demand. C. increases labor supply. D. increases labor demand.
A less costly alternative to protection of national defense industries would be a production subsidy
Indicate whether the statement is true or false
Why might a VAT be more popular politically than a retail sales tax?
a. Its transparency appeals to voters. b. Its lack of transparency makes it easier to misunderstand its effects. c. It is more efficient per dollar raised. d. It is more consistent with the benefit principle of taxation.
Mrs. Smith is given a government subsidy for an apartment in a public housing project. The apartment
A) is not subject to the principle of rival consumption. B) is not a public good. C) has widespread benefits and concentrated costs. D) is subject to the free-rider problem.