Which of the following would not be considered physical capital?
A. An optical lens
B. A trained physicist
C. A spotlight
D. A clipboard
B. A trained physicist
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In U.S. trade law, the ________ allows for the imposition of restrictions on fairly traded imports that cause or threaten harm to domestic industry
A) escape clause B) countervailing duty C) GATT D) fair trade law
If a firm doubles inputs and produces three times the output, then there are
A) constant returns to scale. B) diminishing marginal product. C) decreasing returns to scale. D) increasing returns to scale.
All of the following, except one, are characteristics of monopolistic competition. Which is the exception?
a. There is a large number of sellers. b. Each seller faces a horizontal demand curve for its product. c. There are no significant barriers to entry or exit. d. Sellers produce differentiated products. e. There is a large number of buyers.
If a firm’s production creates detrimental externalities, then in a competitive market,
A. the firm will produce at an inefficiently high level. B. the firm will produce at an inefficiently low level. C. the firm will produce until marginal social cost equals marginal benefits. D. the firm will produce until marginal benefits exceed marginal social cost.