According to most economists, the development of markets is:
A. both a necessary and a sufficient condition for development.
B. a sufficient condition for development but not a necessary condition.
C. a necessary condition for development but not a sufficient condition.
D. neither a necessary nor a sufficient condition for development.
Answer: C
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Which of the following is NOT part of GDP calculated using the expenditure approach?
A) General Motors' purchases of new capital equipment B) expenditures by the federal government for national defense C) Social Security payments made to the elderly D) the purchase of new homes by consumers
Monopolists can make an economic profit in the long-run because of barriers to entry
Indicate whether the statement is true or false
When average variable costs are rising
A. average physical product is rising. B. average physical product is falling. C. marginal costs is falling. D. marginal physical product is also rising.
In NASCAR, a race winner might win, say, $500,000, whereas second place wins $450,000. Why might NASCAR have a 10% reduction in prize money from first and second place?
A) To ensure that there is enough money to pay those who finish near last. B) To motivate drivers to take risks they might not otherwise take. C) To motivate drivers to not take risks they might otherwise take. D) NASCAR is a cartel.