Which of the following can be thought of as a barrier to entry?
A) scale economies.
B) patents.
C) strategic actions by incumbent firms.
D) all of the above
D
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
A U.S. boycott against Mexican tuna caught in nets was
A) not upheld by the WTO on the grounds that killing dolphins in tuna nets does not harm the United States directly. B) not upheld by the WTO on the grounds that U.S. ships could still use nets to catch tuna. C) upheld by the WTO on the grounds that the use of nets to catch tuna also kills dolphins. D) upheld by the WTO on the grounds that nations can impose any environmental standards on other nations.
Analysis of the Great Depression indicates that
a. even though monetary and fiscal policies were highly expansionary, they were unable to offset the economic plunge. b. even though monetary policy was expansionary, restrictive fiscal policy dominated during the 1930s. c. a reduction in tax rates could not prevent the economic downturn from spiraling into a depression. d. the severity of the economic decline, if not its onset, was the result of perverse monetary, fiscal and regulatory policies.
Your upstairs neighbor is the first-chair violinist in the local symphony orchestra. Because you are very fond of violin music, you sit on your balcony each night to listen to her rehearse. In this case, your violin-playing neighbor is an example of a
A. public good. B. good that imposes an external cost. C. Pareto good. D. good that provides an external benefit.