A patent or copyright is a barrier to entry based on
A) widespread network externalities. B) ownership of a key necessary raw material.
C) large economies of scale as output increases. D) government action to protect a producer.
D
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Classical economists thought that
A. flexible wages and prices were the principal causes of recessions. B. the Great Depression confirmed their view of the business cycle. C. government policies and spending were needed to keep the economy at full employment. D. ?price, wage, and interest rate flexibility can quickly cure any tendencies for a recession.
Which of the following will be most likely to contribute to the growth of a less-developed country
What will be an ideal response?
Many economists are in favor of increased immigration of adult foreigners who possess high levels of skills and education. Why?
A. Economists are very caring individuals. B. Economists believe this is a way to increase understanding among different ethnic groups. C. Economists believe foreigners will work cheaper. D. Economists believe this will increase aggregate supply.
Points lying ___________ the production possibilities curve are attainable, reflecting less total output than can be produced.
a. on b. inside c. beyond d. along