In order for the standard of living within a country to be enhanced over time, which of the following is essential?
a. The role of the country's government in the economy must become larger.
b. The population of the country must increase.
c. More domestic natural resources must be discovered and used.
d. The level of productivity must increase.
d
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A situation in which one firm's actions with respect to price, quality, advertising and related changes may be strategically countered by the reactions of one or more other firms in the industry is known as
A) strategic dependence. B) economies of scale. C) the concentration ratio. D) barriers to entry.
John started going for soccer matches after moving in with a roommate who is a huge fan of soccer. This is an example of a(n) ________
A) moral hazard B) adverse selection C) peer effect D) pecuniary externality
The federal government's major outlay in its budget is_______ and its major source of revenue is _______
A. debt interest; sales of government bonds B. expenditure on goods and services; taxes on goods and services C. Social Security and other benefits; personal income taxes D. subsidies to farmers; corporate taxes
Which of the following is characteristic of a perfectly competitive market?
A. Price below marginal revenue. B. Differentiated products. C. A large number of firms. D. Significant barriers to entry.