Which is a barrier to entry in an industry?
A. Allocative efficiency
B. Economic profits
C. Profit maximization
D. Economies of scale
Answer: D
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At an interest rate of 5 percent, the present value of $1,000 to be received two years from today is
A) less than $875. B) between $875 and $925. C) between $925 and $975. D) more than $975.
Tom is stranded on a deserted island where he can only consume coconuts and crabs. Two of his indifference curves are in the figure above
a) Would Tom prefer his consumption to be at point a or at point b? At point b or at point c? Explain your answers. b) Between points a and b, what is Tom's marginal rate of substitution for a crab?
_______________ —a term referring to the government practice of enacting laws to regulate prices instead of letting market forces determine prices.
a. Price ceiling b. Price floor c. Price control d. Subsidies
Rapid population growth
a. was hailed by Thomas Robert Malthus as the key to future economic growth. b. tends to lead to higher levels of educational attainment. c. is the main reason that less developed nations are poor. d. may depress economic prosperity by reducing the amount of capital which each worker has to work with.