Which of the following is NOT a restriction the government imposes to keep potential entrants out of a market?
A) patents
B) tariffs
C) assistance with opening new firms
D) copyrights
Answer: C
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Refer to Table 12-2. What is Margie's total revenue if she sells 250 pounds of apples?
A) $250 B) $500 C) $750 D) There is not enough information in the table to determine Margie's total revenue.
An example of a positive externality is
A. an apple orchard increasing the number of trees next to a bee farm. B. pollution. C. the Clean Air Act. D. smoking in a crowded place.
What is the difference between basic research and applied research? Provide one example of each.
What will be an ideal response?
The principle of comparative advantage
A. applies only when the gold standard is in effect. B. is the basic reason that the United States has been running trade deficits. C. states that it is advantageous to export more than you import. D. states that total output is greatest when each product is made by the country that has the lowest opportunity cost.