Only government restrictions serve as entry barriers
a. True
b. False
Indicate whether the statement is true or false
False
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If a country's real GDP is rising by 3% per year while its population is rising at 5% per year, which of the following is true?
A) Growth in nominal GDP is less than the growth in the population. B) The country's standard of living is falling. C) The country's standard of living is rising. D) Growth in nominal GDP outweighs growth in the population.
Increases in both labor and capital productivity will result in:
A) downward shift of the average and marginal product curves and upward shift of the average cost curves. B) downward shift of the average and marginal product curves and downward shift of the average cost curves. C) upward shift of the average and marginal product curves and downward shift of the average cost curves. D) upward shift of the average and marginal product curves and upward shift of the average cost curves.
How does the government carry out income redistribution?
What will be an ideal response?
Profit maximization occurs where
A) each factor is used up to the point where its marginal revenue product is equal to its marginal factor cost. B) each factor is used up to the point where its marginal physical product is equal to its marginal factor cost. C) average variable cost equals marginal cost. D) average variable cost equals average total cost.