Which of the following is not a barrier to entry?
A. Patents.
B. X-inefficiency.
C. Economies of scale.
D. Ownership of essential resources.
Answer: B
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In economic analysis, air pollution, water pollution, and scenery destruction are considered to be
A) externalities. B) internalities. C) private costs. D) marginal benefits.
In the short run, the fixed costs of a firm:
A. can sometimes be avoided in the short run. B. are irrelevant in deciding whether to shut down production. C. are equal to zero when quantity produced is zero. D. are all the costs it incurs when it produces some positive quantity.
The record for the longest U.S. economic expansion started in March ______ and ended in March ______.
Fill in the blank(s) with the appropriate word(s).
Average GDP per person is
A. A measure of the economic growth rate of a country. B. The value of the factors of production used to produce output in a country. C. Also known as GDP. D. Also known as per capita GDP.