Which of the following is likely to be present in a perfectly competitive market structure?
a. barriers to entry
b. advertising of products
c. differentiated products
d. many buyers and sellers
d
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Answer the following statement(s) true (T) or false (F)
1. In the Circular Flow Model, money flows are disregarded. 2. Within the Circular Flow Model, households are assumed to be the owners of all factors of production, including the natural resources. 3. Residuals are by-products, or pollution, left in the environment after a technological or natural process as occurred. 4. The discipline concerned with the resource flow from economic activity back to nature is known as natural resource economics. 5. According to the first law of thermodynamics, matter and energy can be destroyed but not created.
The view that taxes should impose as little excess burden as possible and should be shared fairly among the taxpayers is consistent with the view of government ____
a. as a type of club b. as a benevolent despot c. as a constitutional republic d. as a constitutional democracy
The entry of new firms into a market stops when:
a. the accounting profit of existing firms falls to zero. b. the general price level in the economy rises. c. the rate of interest in the economy declines. d. the economic profit of existing firms falls to zero. e. the corporate taxes are relaxed.
If inflation is slow to change after an increase in the growth rate of spending, then:
A. real growth must decrease. B. real growth must increase. C. interest rates must decrease. D. interest rates must increase.