Which of the following is a potential barrier to entry?
a. a low market price
b. a high market price
c. a standardized product
d. economies of scale
e. diminishing marginal productivity
D
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Under the IMF fixed exchange rate system, a nation running a balance of payments deficit would have an excess __________ its currency in the foreign exchange market and that nation's central bank would have to __________ some of its currency to
maintain the fixed exchange rate. A) supply of; buy B) supply of; sell C) demand for; buy D) demand for; sell
Actual output can exceed the economy's potential both in the short run and the long run
a. True b. False Indicate whether the statement is true or false
In the economic way of thinking, the demand for clean air is
A) nonexistent. B) independent of price or cost. C) completely inelastic. D) all of the above. E) none of the above.
Suppose that your neighbor smokes in his yard. You can smell his cigarette smoke from inside your house, and you dislike the smell. Which of the following statements is correct?
A. There is no efficient solution to this problem. B. If it is difficult for you and your neighbor to negotiate with each other, then you may not be able to arrive at an efficient solution to this problem. C. Since your neighbor has the legal right to smoke in his yard, you will not be able to arrive at an efficient solution to this problem. D. It not socially optimal for your neighbor to smoke in his yard.