If significant barriers to entry exist in a market, then the market is best described through the model of perfect competition
a. True
b. False
Indicate whether the statement is true or false
False
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A country with a comparative advantage in the production of a good will ________ production of the good and ________
A) increase; import the good B) not change; import the good C) decrease; export the good D) decrease; import the good E) increase; export the good
Which of the following represents the relationship between disposable income (DI), consumption (C), and saving (S)?
A) DI = C * S
B) DI + C = S
C) DI = C - S
D) DI = C + S
Gordon James is a person who sells narcotics "on the street." This type of illegal activity:
A. is excluded from GDP figures. B. would be considered double counting in calculating GDP. C. causes GDP to be overstated. D. is estimated and included in GDP figures.
If a theatre company expects $250,000 in ticket revenue from five performances and $288,000 in ticket revenue if it adds a sixth performance, the
A) marginal revenue of the sixth performance is $288,000. B) marginal revenue of the sixth performance is $38,000. C) cost of staging the sixth performance is probably higher than the cost of staging the previous five. D) company will be making a loss on the sixth performance because its ticket sales will be less than the average revenue received from the previous five.