If a good or service does not get used up as it is consumed, then it is said to be
A) nonexcludable.
B) nonrival.
C) nondiscrimination.
D) nonconsumable.
B
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What term means an explosive and seemingly uncontrollable inflation in which money loses value rapidly and may even go out of use?
A) superinflation B) stagflation C) hyperinflation D) maginflation E) deflation
Industries with high barriers to entry
a. Pushes profits to normal returns b. Increases the likelihood of firms entering the industry c. Help firms sustain long term profits d. Increases the number of competitors
The concepts of comparative advantage, specialization, and trade form a compelling argument in favor of:
A. free trade. B. protectionism. C. self-sufficiency. D. only exporting goods and not importing goods.
The increase in a firm's total revenues resulting from hiring an additional unit of labor is known as the marginal:
a. product. b. revenue product. c. cost. d. none of these.