Which of the following factors will NOT increase economic development?
A. establishing a system of property rights
B. increasing the amount of protectionism
C. increasing the amount of education in the population
D. creative destruction where old jobs, companies and industries are destroyed
Answer: B
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When a firm's demand curve is tangent to its average total cost curve, the
a. firm's economic profit is zero. b. firm must be earning economic profits. c. firm must be incurring economic losses. d. firm must be operating at its efficient scale.
Why do we say that the demand for labor is a derived demand?
Economic growth appears on a production possibilities curve as
A. the curve shifting out away from the origin. B. a change in the slope of the curve. C. the points outside the production possibilities curve. D. the curve shifting in toward the origin.
When there are significant barriers to entry and there are few firms in the industry,
A. at least one will exit until the economic profit disappears. B. economic profit will go to zero. C. economic profit will continue for the firms in the industry. D. normal profit will be garnered by the firms.