Which of the following is a government action that can serve as a barrier to entry to an oligopoly?
a. perfect competition
b. price leadership
c. occupational licensing
d. economies of scale
c. occupational licensing
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The end of slavery in the United States represented
A) a large wealth transfer from the South to the North. B) a large wealth transfer from the future to the present. C) a large wealth transfer from Southern slave-holders to newly freed slaves. D) a nominal wealth transfer from Southern slave-holders to newly freed slaves.
An example of an oligopoly is: a. the restaurant industry. b. the wheat market
c. the cigarette industry. d. the beef industry.
Which of the following statements is correct?
a. The use of pollution permits and corrective taxes reduces the cost of environmental protection. b. Rich countries usually have cleaner environments than poor countries because a clean environment is like other normal goods in that it has a positive income elasticity. c. Clean water and clean air are goods to which the law of demand applies. d. All of the above are correct.
Which statement is correct?
A. All sectors of the economy are affected to similar degrees by business fluctuations B. Real output and employment generally show little variance over the business cycle C. The production of nondurable consumer goods is more stable than the production of durable consumer goods over the business cycle D. Recessions have not been severe because economists and statisticians have been able to predict their occurrence and intensity with high accuracy