Which of the following would prevent "free entry" into a market?
A. Externalities
B. Open trade
C. Patents
D. Opportunity costs
Answer: C
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The concept of diminishing marginal rate of substitution indicates that
A) as the consumption of good X increases, individuals are willing to give up an increasing amount of good Y in order to obtain one more unit of good X. B) as the consumption of good X increases, individuals are willing to give up a decreasing amount of good Y in order to obtain one more unit of good X. C) along an indifference curve, a consumer prefers the consumption combinations moving to the northwest along the curve. D) None of the above answers is correct.
If Pat can produce a good or service at a lower opportunity cost than Chris can, then
a. Pat has a comparative advantage in producing the good or service b. no gains are possible through specialization c. Pat must have an absolute advantage in producing the good or service d. Pat must be more talented than Chris e. society is at a point along its production possibilities frontier
There is no way that externalities can be corrected
a. True b. False Indicate whether the statement is true or false
The U.S. government has more than 10,000 tariff classifications and more than half of them are subject to interpretation.
a. true b. false