An example of a barrier to entry is
A) product differentiation.
B) high profits.
C) occupational licensing.
D) increasing marginal costs.
Answer: C
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The aggregate production function is graphed as
A) a downward sloping curve. B) an upward sloping straight line. C) an upward sloping line that becomes flatter as the quantity of labor increases. D) an upward sloping line that becomes steeper as the quantity of labor increases.
A perfectly competitive market is one in which:
A. fully informed, price-taking buyers and sellers easily trade a standardized good or service. B. fully informed, price-making buyers and seller easily trade a standardized good or service. C. uninformed, price-taking buyers and sellers easily trade a standardized good or service. D. uninformed, price-making buyers and seller easily trade a standardized good or service.
Given that tariffs and quotas cost consumers and that they are a grossly inefficient means for creating or preserving jobs , citizens nevertheless allow these policies to exist because
A. the costs of tariffs and quotas are diffused throughout an entire nation, while the benefits are concentrated. B. they know that petitioning the government to do the right thing is futile. C. incentives to organize around the issue of trade policy are asymmetric. D. all of the above. E. A and C only.
The reasons why per capita GDP in the U.S. is significantly higher than in some other rich countries like, say, France include the following, except:
A. U.S. citizens put in substantially more work hours than do citizens of France B. Cultural differences between the U.S. and France regarding the right balance between labor and leisure C. Differences in the tax structure and the resulting incentive effects of taxes D. Differences is the communication technology due to language differences