Recall the Application about the costs involved in opening a restaurant to answer the following question(s).Recall the Application. Which of the following prevents the restaurant industry from being classified as a monopoly?
A. There are many restaurant chains in the industry.
B. There is easy entry. All an entrepreneur needs is to pay the franchise fee and the royalties.
C. Restaurants are differentiated based on location and price.
D. All of these are reasons why the restaurant industry is not a monopoly.
Answer: D
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In the definition of GDP, "market value" refers to
A) valuing production in production units. B) not counting intermediate products. C) valuing production according to the market price. D) when the production took place.
Over the 1980s
A) there is no question that a large increase in U.S. foreign assets did occur. B) there is a question whether a large decrease in U.S. foreign assets did occur. C) there is no question that a large decrease in U.S. foreign assets did occur. D) there is no question that there was almost no change in U.S. foreign assets. E) there is no question that rising exports exceeded U.S. foreign debt.
Under a flexible exchange rate system an increase in the value of a currency relative to other currencies is a called a(n) ________ and under a fixed exchange rate system an increase in the official value of a currency is called a(n) ________.
A. depreciation; devaluation B. depreciation; appreciation C. revaluation; appreciation D. appreciation; revaluation
The formula (MPL)(MRX), where L is for labor and X is the output, is for
A. the marginal product of labor. B. the marginal revenue from labor. C. total revenue of labor. D. the marginal revenue product of labor.