Several states require cosmetologists to undertake 1,500 hours or more of training in order to obtain a license to provide hair styling or braiding services. This is an example of
a. antitrust legislation.
b. government action that promotes competition.
c. a barrier to entry
d. the legal structure that is required for the operation of price-taker markets.
C
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Points outside the production possibilities curves:
A) are feasible and maximize efficiency. B) are not feasible because of a resource constraint. C) are feasible but not preferred because they are inefficient. D) are not feasible because they don't utilize all of the available resource.
A bond that provides no interest payments but instead is issued at a value that is lower than its face value is called:
a. a no-interest bond. b. a load-free bond. c. a no-load bond. d. a zero-coupon bond. e. a coupon bond.
Firms often seek to borrow money to expand their capital stock, and the price they pay for the money is the interest rate. What happens to the quantity of money supplied if the interest rate increases?
a. It increases. b. It decreases. c. It does not change. d. It depends entirely on the interest rate.
In the expanded circular flow diagram, the rest of the world interacts directly with:
A. households. B. firms. C. product markets. D. factor markets.