Entry barriers are present in monopoly markets but are not in perfectly competitive markets.
Answer the following statement true (T) or false (F)
True
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Scarcity arises because of
a. international trade disputes b. our unwillingness to share earth's bounty c. insatiable wants d. limited natural resources e. primitive technology
If domestic income falls, what must happen to keep the trade balance the same?
a. The real exchange rate must fall. b. Foreign income must rise. c. The domestic price level must fall. d. Domestic income must fall.
Labor productivity is measured as the
A. Dollar value of inputs per unit of output. B. Hourly wage rate divided by output per labor-hour. C. Dollar value of output per unit of labor. D. Output per labor-hour.
________ is considered to be the least mobile factor internationally.
A. Labor B. Land C. Capital D. Entrepreneurship