Economists use the term wealth to mean
A) what a person earns.
B) a person's investment.
C) what a person owns.
D) the amount of income that is spent and not saved.
E) the same thing as income.
C
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The rate of return that households expect on their savings is determined by:
A) exchange rates. B) interest rates. C) government expenditure. D) tax rates.
A barrier to entry is
A) the economic term for diseconomies of scale. B) illegal in most markets. C) anything that protects a firm from the arrival of new competitors. D) a factor that increases competition because firms must continue to operate in the market in which they were founded. E) the same as rent seeking.
If an industry is characterized by economies of scale:
A) barriers to entry are usually not very large. B) long-run average costs of production increase as the quantity the firm produces increases. C) capital requirements are small due to the efficiency of the large-scale operations. D) the costs of entry into the market are likely to be substantial.
A seller's opportunity cost measures the
a. value of everything she must give up to produce a good. b. amount she is paid for a good minus her cost of providing it. c. consumer surplus. d. out of pocket expenses to produce a good but not the value of her time.