Which barrier to entry results in the creation of a natural monopoly?
a. Legal barriers like government franchises.
b. Economies of scale.
c. Ownership of a vital resource.
d. Patents and copyrights.
b
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Which amount is not included in gross domestic product?
A) Payments to a physician for treatment of a respiratory condition caused by air pollution B) The purchase price of a used car bought from a friend C) Wages of government employees D) Wages of people who clean up toxic chemical spills E) Wages of people who sell used cars
If government spending increases, which of the following would be most likely in the short and in the long run? (Both comparisons are with regard to the original price level/output combination.)
a. Short-run increases in the price level, no change in output; long-run increases in output and in the price level b. Short-run increases in output and in the price level; long-run increase in output, decrease in the price level c. Short-run decreases in output and in the price level; long-run increase in the price level, no change in output d. Short-run increases in output and in the price level; long-run increase in the price level, no change in output e. Short-run decreases in output and in the price level; long-run decreases in output and in the price level
The short-run supply curve of a purely competitive producer is based primarily on its:
A. AVC curve. B. ATC curve. C. AFC curve. D. MC curve.
Which of the following is an organization designed to settle trade disputes?
A. GATT B. USSR C. WTO D. NAFTA