Apple introduced its iPhone 3G in July 2008 and within a month sales had topped 3 million units. By April 2009, more than 25,000 apps for the iPhone 3G were available in the iTunes store, an indication that in a competitive market
A) the ease at which a new firm can enter a competitive market is low.
B) the ease at which a new firm can enter a competitive market is high.
C) entry into the market is blocked.
D) entry into the market is restricted in the short run, but becomes easier in the long run.
Answer: B
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If U.S. exports exceed U.S. imports and official reserves do not change, the United States
A) borrows from the rest of the world. B) makes loans to the rest of the world. C) borrows from the U.S. government. D) cannot sell any capital to foreigners. E) makes loans to the U.S. government.
A fall in the real interest rate brings a
A) rightward shift of the supply of loanable funds curve. B) rightward shift of the demand for loanable funds curve. C) leftward shift of the supply of loanable funds curve. D) movement down along the supply of loanable funds curve. E) movement up along the supply of loanable funds curve.
All of the following are considered to be unemployed EXCEPT
A) job leavers. B) discouraged workers. C) job reentrants. D) new job entrants.
Karl can produce either 10 tons of oranges or 5 tons of apples in a year, while Adam can produce either 5 tons of oranges or 10 tons of apples. Which of the following is true? a. Adam has an absolute advantage in oranges and a comparative advantage in apples. b. Karl has an absolute advantage in oranges and a comparative advantage in oranges. c. Karl has an absolute advantage in both apples
and oranges. d. Karl has an absolute advantage and a comparative advantage in apples.