Which of the following can serve as a barrier to entry?
a. legal restrictions
b. patents
c. control of scarce inputs or resources
d. all of the above
d
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Convergence refers to the idea that cross-country
a. growth rates will become more similar over time. b. unemployment rates will become more similar over time. c. per-capita income levels will become more similar over time. d. total income levels will become more similar over time. e. none of the above.
The Full Employment and Balanced Growth Act of 1978 set the target unemployment rate for the United States economy at 4 percent
a. True b. False
Answer the following statement(s) true (T) or false (F)
1. Due to scarcity, each society must answer five basic economic questions. 2. In a command economy, major economic decisions are made by thousands of independent consumers and producers. 3. Firms are the sellers in product markets. 4. Factor markets are also known as output markets.
For a monopolist to sell more units of output
A. the price must be increased. B. demand must become more elastic. C. the other competing firms must sell fewer units. D. the price must be reduced.