A monopolistically competitive market is characterized by barriers to entry
a. True
b. False
Indicate whether the statement is true or false
False
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The term "balance of trade" refers to the:
a. importing and exporting of goods. b. importing and exporting of goods and services. c. current account trade balance. d. capital outflows minus inflows.
When the average total cost is rising, it must be the case that the
a. average total cost is below average fixed cost b. fixed cost is not very high c. marginal cost is greater than the average variable cost d. average fixed cost exceeds average variable cost e. average variable cost exceeds average total cost
In 2015, you buy a beautiful vintage 1965 Thunderbird convertible. This purchase would
a. be included in the GDP for 2015. b. not be included in the GDP for 2015. c. be included in both the GDP for 1965 and 2015. d. be in the GDP for 2015 at a depreciated value.
Evidence suggests that business owners are generally
a. interested in profits only when discrimination is illegal. b. more interested in discrimination than in making a profit. c. unable to determine the link between discrimination and profitability. d. more interested in making a profit than in discriminating against a particular group.