Which of the following is required for a monopolist to receive positive economic profits in the long run?
a. Minimal entry barriers
b. Exchange of technological know-how with rival firms
c. High barriers that block new entry
d. Allowing rival firms to produce close substitute products
c
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Which of the following is true about foreign aid provided by the United States?
a. During the last four decades, the U.S. has provided less than $400 million in aid b. Most U.S. aid has been coordinated by the Department of Defense c. The U.S. Agency for International Development emphasizes short-range plans d. The U.S. Agency for International Development concentrates primarily on health, education, and agriculture e. Foreign aid is large part of the U.S. federal budget
The effect of the Black Death in 14th-century Europe was to
a. decrease wages. b. increase land rents. c. reduce income inequality between peasants and the landed classes. d. Both a) and b) are correct.
The steeper the short-run aggregate supply curve, the more impact a given shift of the aggregate demand curve has on real GDP and the more impact it has on the price level, so the smaller the spending multiplier
Indicate whether the statement is true or false
Taxes, transfer payments, and government purchases are the components of automatic stabilizers.
Answer the following statement true (T) or false (F)