Which barrier to entry is an exclusive right granted to the author or composer of a literary, musical, dramatic or artistic work?
A) patent
B) copyright
C) public franchise
D) government license
E) natural barrier
B
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A firm will shut down in the short run if its revenues fail to cover its
a. fixed costs. b. variable costs. c. total costs. d. sunk costs.
When economists assume that people are rational, they are assuming that people generally agree what is good for human beings.
Answer the following statement true (T) or false (F)
Initially the nominal interest rate is 8 percent and the inflation rate is 5 percent. People know that the inflation rate increases to 10 percent. What is the new nominal interest rate?
A) 8 percent B) 3 percent C) 13 percent D) 11 percent
A $300 billion increase in government spending increases Real GDP by $1,800 billion. Assuming a constant price level, what does the government spending multiplier equal?
A) 0.17 B) 120 C) 6 D) 60 E) ?0.83