The barrier to entry which requires electricians to be licensed is an example of
A. government rules.
B. economies of scale.
C. ownership of a scarce factor of production.
D. patents.
Answer: A
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The time it takes to formulate a policy is known as
A) inside lags. B) crowding out. C) outside lags. D) fiscal policy.
If the United States decides to trade with Yemen, we know that
a. Yemen will benefit, but trade with a less developed country could not benefit the United States. b. it will not benefit Yemen because workers in the United States are more productive. c. Yemen and the United States can both benefit. d. it will not benefit either country because their cultural differences are too vast.
Referring to the Production Possibilities Frontiers in Figure 1.11 A and B, which depicts generalized growth when there is constant opportunity cost?
Figure 1.11
A. Fig. A B. Fig. B C. Either Fig. A or B is correct D. Neither Fig. A nor B are correct
On a supply-and-demand diagram, consider a price for which the horizontal distance to the supply curve is shorter than the horizontal distance to the demand curve. There is a __________ at that price and the current price must be __________ the equilibrium price
A) shortage; above B) shortage; below C) surplus; above D) surplus; below