Which of the following producers likely faces the most significant barrier to entry in its industry due to government regulation?
a. toy manufacturer
b. pharmaceutical firm
c. glass manufacturer
d. soap producer
b. pharmaceutical firm
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Holding other factors constant, if growing concerns about job security raise precautionary saving, then the real interest rate will ________ and the equilibrium quantity of national saving and investment will ________.
A. increase; increase B. decrease; decrease C. decrease; increase D. increase; decrease
Which of the following is considered a "third party" within the medical services industry?
A) the patient B) the private insurance company C) the for-profit hospital D) the medical provider, i.e., physician
A good or service is considered scarce if
a. any quantity of it can be consumed at a zero price b. the amount people desire exceeds the amount available at a zero price c. the amount people desire exceeds the amount available at any price d. the amount people desire is less than the amount available at any price e. the amount people desire is less than the amount available at a zero price
A general rule is that economy is experiencing a recession when:
a. real GDP declines for at least three months. b. real GDP declines for at least nine months. c. nominal GDP declines for at least nine months. d. real GDP declines for at least six months. e. nominal GDP declines for at least six months.