Barriers to entry only exist for monopoly markets
a. True
b. False
Indicate whether the statement is true or false
False
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Explain how GDP is measured according to the expenditure and income approaches
What will be an ideal response?
Assume the price of beer is $4, the price of pizza is $10 and the consumer's income is $250. Which consumption bundle will NOT be the consumer's choice?
A) A (5 Beers, 5 Pizzas) B) B (0 Beers, 25 Pizzas) C) C (25 Beers, 15 Pizzas) D) None of the above bundles will be chosen.
A consumption bundle is affordable as long as:
A. it is a point that is on an indifference curve that is to the right of the budget line. B. it is a point that falls on the 45 degree line. D. the amount of the good consumed from year to year does not increase.
To close a recessionary gap using fiscal policy, the government can:
A. increase government spending by the size of the gap. B. decrease government spending by the size of the gap. C. increase government spending by more than the size of the gap. D. increase government spending by less than the size of the gap.