A barrier to entry that grants exclusive use of an invented product or process to the inventor is called
A. a patent.
B. economies of scale.
C. the ownership of a scarce resource.
D. a government franchise.
Answer: A
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If nominal GDP is 100,000 and real GDP is 80,000, the GDP deflator is 115
Indicate whether the statement is true or false
The market for toothpaste is a good example of perfect competition
a. True b. False Indicate whether the statement is true or false
After accounting for externalities with a social cost curve, the new equilibrium would be such that equilibrium price is
A. higher than before and equilibrium quantity is lower than before. B. higher than before and equilibrium quantity is higher than before. C. lower than before and equilibrium quantity is higher than before. D. lower than before and equilibrium quantity is lower than before.
Most Americans agree that
A. a certain amount of income redistribution is called for. B. absolutely no income redistribution should be carried out. C. we need completely equal distribution of income.