Barriers to entry:
A. can result from government regulation.
B. usually result in pure competition.
C. exist in economic theory but not in the real world.
D. are typically the result of wrongdoing on the part of a firm.
Answer: A
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Individuals A and B both produce good X. A has a comparative advantage in the production of good X if A
A) has a lower opportunity cost of producing good X than has B. B) has a lower opportunity cost of producing good X than of producing good Y. C) can produce more units of X in a given time period than can B. D) can produce X using newer technology than can B.
Considering only its direct effect on income, expansionary monetary policy tends to:
A. be ambiguous with respect to the exchange rate, while decreasing the trade deficit. B. increase the exchange rate and decrease a trade deficit. C. be ambiguous with respect to the trade deficit, while increasing the exchange rate. D. decrease the exchange rate and increase a trade deficit.
Suppose that for Virginia the marginal benefit per dollar spent on make-up is less than the benefit per dollar spent on clothes. Virginia can always increase her utility by buying:
A. more make-up and fewer clothes. B. less make-up and more clothes. C. more of both goods. D. Virginia is already maximizing utility.
Some economists are suggesting that we should use the insights of behavioral economics to:
A. Coerce people to make decisions towards improving their happiness B. Design elaborate rules to restrict individuals' chances of hurting themselves C. Nudge people toward choices that improve their welfare or that of others D. Provide huge monetary incentives to people to move them to action