.Nations will attract investment and its citizens will engage in productive activities when the institutions and policies of that country do which of the following?
What will be an ideal response?
a. Encourage market exchange.
b. Reward innovation.
c. Protect people and their property.
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A pure monopoly will generate an economic profit whenever ________.
A. total revenue is greater than total cost B. price is greater than average variable cost C. total revenue is less than total cost D. total revenue is equal to total cost
To bring her family of four up to the poverty line, a woman would need to earn almost $_______ per hour, 40 hours per week, 52 weeks a year.
Fill in the blank(s) with the appropriate word(s).
In monopolistically competitive markets, positive economic profits
a. suggest that some existing firms will exit the market. b. suggest that new firms will enter the market. c. are sustained through government-imposed barriers to entry. d. are never possible.
The dictator of a country requires that companies planning to open or expand must pay a large fee to file an application one year prior to building new factories or expanding existing ones. Other things the same, in the long run this requirement would
a. reduce real GDP per person and productivity. b. reduce real GDP per person but not productivity. c. reduce productivity but not real GDP per person. d. None of the above is correct.