Which of the following is a legal barrier to entry?
i. public franchise
ii. government license
iii. patent
A) iii only
B) i and iii
C) ii and iii
D) i, ii, and iii
E) i and ii
Answer: D) i, ii, and iii
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Which of the following statements is true of the Industrial Revolution?
A) It was a gradual process. B) It started in the capital goods industry. C) It was a period of rapid disruption. D) It started in the United States.
If a country sets a pegged exchange rate that is above the equilibrium exchange rate, how can the country maintain the peg?
A) by purchasing surplus domestic currency at the pegged rate B) by purchasing surplus domestic currency at the equilibrium exchange rate C) by selling surplus domestic currency at the pegged rate D) by increasing the pegged exchange rate
Distinguish between a voluntary export restraint and a quota
What will be an ideal response?
If the demand for swordfish is price elastic and the price of swordfish increases, then
a. the quantity of swordfish demanded will increase b. the total revenue from swordfish sales will decrease c. the total revenue from swordfish sales will increase d. the total revenue from swordfish sales will not change e. whether total revenue rises or falls depends on how much the price of swordfish increases