Ownership of a necessary input creates what type of barrier to entry?
A) legal barrier to entry
B) natural barrier to entry
C) a public franchise
D) a government license
E) ownership barrier to entry
E
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Progressive Insurance's 'Tripsense' monitors driving patterns of the people who purchase the related insurance policy. This lowers insurance costs because
a. only less reckless drivers will accept the device b. only more reckless drivers will accept the device c. drivers will believe they can now drive more recklessly d. it does not affect care in driving
The expected effect of the Bush tax cuts would be a(n)
A. lower real interest rate. B. exchange rate depreciation. C. increased current account deficit. D. All of these responses are correct.
When an individual's MRP is not measurable, his or her market wage is usually determined by
A. The individual's comparable worth. B. The selling price of his or her output. C. His or her opportunity wage. D. The individual's MPP.
The income effect
A. moves in the opposite direction from the substitution effect for an inferior good. B. is always greater than the substitution effect. C. moves in the same direction as the substitution effect for an inferior good. D. relates to increases in nominal rather than real income.