Patents, quotas, tariffs, and government licensing can all create barriers to entry into oligopoly industries
a. True
b. False
Indicate whether the statement is true or false
True
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Use a supply and demand graph to explain why the rent on land is demand determined
What will be an ideal response?
If 1 - b = WN/PY where W is the nominal wage rate, N is the quantity of labor input, and PY is total income in nominal terms, then labor's share of national income grows if
A) (w - p) > (y - n). B) (w - p) < (y - n). C) (w - n) > (y - p). D) (w - n) < (y - p).
Assume that foreign capital flows from a nation increase due to political uncertainly and increased risk. If the nation has highly mobile international capital markets and a fixed exchange rate system, what happens to the GDP Price Index and current international transactions balance in the context of the Three-Sector-Model? a. The GDP Price Index falls and current international transactions
balance becomes more positive (or less negative). b. The GDP Price Index rises and current international transactions balance becomes more negative (or less positive). c. The GDP Price Index and current international transactions balance remain the same. d. The GDP Price Index rises and current international transactions balance remains the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
Nonmarket transactions are omitted from GDP because ______.
a. they are covered by other economic measurements. b. people who do them are often illegal aliens c. they fail to make enough of an impact on the economy d. reliable information is lacking for them