A program of protection that results in preserving jobs in certain industries
a. maintains full employment at lower cost than any other program or policy.
b. lowers average pay in the protected industries.
c. improves living standards for the average person in that country.
d. often does so at a cost that is much higher than the average income of persons in those industries.
d
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A single firm in a contestable market is limited in the amount of economic profit it can earn because there
A) are barriers to entry. B) are no barriers to entry. C) is collusion. D) are government regulations limiting its profit.
GNP equals GDP
A) minus net receipts of factor income from the rest of the world. B) plus receipts of factor income from the rest of the world. C) minus receipts of factor income from the rest of the world. D) plus net receipts of factor income from the rest of the world. E) minus depreciation.
Economics is primarily the study of
a. how to make money in the stock market. b. how to find lower cost methods of production. c. the choices we must make among alternatives because of scarcity. d. the proper form of industrial structure for the United States.
The process of economic growth is
A. Constantly occurring in the United States. B. Cumulative, whereby gains made in one year accumulate in future years. C. Not important to economists. D. Not affected by previous year's growth.