Which term measures production well and indicates when a country is materially better or worse off in terms of jobs and incomes?
a. GDP
b. Standard of living
c. GDP per capita
d. Nominal GDP
a. GDP
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Variable costs are
A. sunk costs. B. costs that change with the amount of output a firm produces. C. costs that change every day. D. the change in total cost associated with the production of an additional unit of output.
The marginal revenue curve of a monopolistic competitor ________
A) lies above the demand curve B) lies below the demand curve C) is the same as the demand curve D) is the same as the supply curve
Which one of the following is not a possible barrier to entry high enough to keep competing firms out of a monopoly industry?
A) large economies of scale that result in a natural monopoly B) The monopoly firm has control of a key resource necessary to produce a good. C) a high concentration ratio D) There are important network externalities in supplying a good or service.
The externality associated with technology spillovers
a. cannot be internalized by government. b. is a negative externality. c. can be internalized, potentially, through taxation of firms that are responsible for technology spillovers. d. can be internalized, potentially, through patent protection.