Which of the following is a barrier to entry to an industry?
(a) Start up costs.
(b) A patent.
(c) A government awarded licence.
(d) All of the above.
Answer: (d) All of the above.
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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.
The federal government has encouraged home ownership through ________
A) an increase in home prices B) an increase in domestic interest rates C) a decrease in the implicit rent on residential housing D) allowing mortgage interest to be tax deductible
In the above table, the cross price elasticity of demand for good Y with good X when PX rises from $10 to $12 is
A) +0.29. B) +1.83. C) +0.58. D) -0.58.
Suppose that the economy is currently below its long-run equilibrium output. Which of the following is an example of monetary policy that can help put the economy back toward equilibrium?
A) Increasing the money supply to reduce interest rates to encourage more spending and investment. B) Raising income taxes to help pay off government debt. C) Reducing the money supply to push interest rates higher to encourage more savings. D) Decreasing income taxes to encourage more spending and investment.