Which of the following cannot be an effective entry barrier?
A) a firm making very high economic profits
B) a firm being granted a patent for its product
C) a firm owning all of a vital resource needed to produce a good
D) when huge economies of scale exist
A
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According to the law of increasing costs, as the United States expends more of its resources on reducing air pollution,
A. the quantity of other goods that must be given up for further reductions in air pollution will decrease. B. the quantity of other goods that must be given up for further reductions in air pollution will increase. C. the social cost of additional air pollution will increase. D. there will be no change in the marginal cost of reducing air pollution.
If the absolute price elasticity of demand for a product is less than 1, then
A) the absolute price elasticity of demand is inelastic and consumers are relatively insensitive to price changes. B) the absolute price elasticity of demand is inelastic and consumers are relatively sensitive to price changes. C) the absolute price elasticity of demand is elastic and consumers are relatively insensitive to price changes. D) the absolute price elasticity of demand is elastic and consumers are relatively sensitive to price changes.
Figure 32-3
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Figure 32-3 shows the impact of deficit spending and the corresponding economic expansion on the demand curve for money. If the Federal Reserve does not want interest rates to rise, it will
A. shift the money supply curve to the right by monetizing the deficit. B. shift the money supply curve to the left by open-market sales of government securities. C. maintain the current targets for both M1 and M2 money stocks. D. engage in contractionary monetary policy, such as increases in the discount rate.
Which of the following statements about bid-ask rates is correct?
a. The bid rate and the ask rate are the rates the bank offers you in exchange for another currency. b. The bid rate and the ask rate are the rates the bank asks you for in exchange for another currency. c. The bid rate is the rate the bank offers you and the ask rate is the rate the bank asks you for in exchange for another currency. d. The bid rate is the rate the bank asks you for and the ask rate is the rate the bank offers you in exchange for another currency.