If there are no barriers to entry into an industry
A. long-run economic profits must be zero.
B. both short-run and long-run economic profits must be zero.
C. short-run and long-run profits must still be positive.
D. short-run economic profits must be zero.
Answer: A
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What is the antithesis of the rule of law?
A) Arbitrary governance B) Governance according to the will of whoever is in charge C) Both of the above. D) None of the above.
Which of the following accurately describes growth rates in the United States from 1900 to the present?
A) Growth rates have risen continuously from 1900 to the present. B) Growth rates rose until the 1970s, slowed until the 1990s, rose again until 2005, and then slowed again to the present. C) Growth rates rose until the 1970s and then fell until the present. D) Growth rates have fallen continuously from 1900 to the present.
The least costly way to produce a given level of output is indicated by the point of tangency between a budget line and the production indifference curve corresponding to that level of output.
Answer the following statement true (T) or false (F)
The elements of an effective legal system include ________
A) strict limits on the ability of judges to interpret law B) a temperate climate C) a large body of legislators D) an adequate supply of lawyers