Which of the following would NOT be a barrier to entry for a particular market?
A) ownership of a patent
B) low cost of obtaining initial capital
C) the presence of economies of scale
D) government regulation
B
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Individuals, firms, and nations should specialize in those activities which have the highest marginal cost
a. True b. False Indicate whether the statement is true or false
Taxes and subsidies can be used to correct market failure
Indicate whether the statement is true or false
In destination countries, as immigration occurs and more labor is employed, in the short run, wages fall and the marginal products of land and capital (fixed resources):
a. are unaffected. b. both rise. c. both fall. d. rise for one and fall for the other.
An increase in government spending is more likely to lead to higher inflation when
A. real GDP is above potential GDP. B. the business cycle is near the trough. C. the unemployment rate is above the natural rate. D. the economy is in a recession.