Barriers to entry in a perfectly competitive industry
a. are nonexistent
b. are impossible to overcome
c. are possible to overcome, but more difficult an obstacle to entry than are barriers in monopolistic competition
d. result from patents and economies of scale
e. are essentially financial rather than technical
A
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Refer to Figure 3-5. At a price of $15
A) there would be a surplus of 4 units. B) there would be a shortage of 4 units. C) there would be a shortage of 2 units. D) there would be a surplus of 6 units.
The velocity of money is equal to:
A. 1/MPS. B. nominal GDP/M. C. 1/reserve ratio. D. nominal GDP/P.
National income equals GNP
A) less depreciation, less net unilateral transfers, less indirect business taxes. B) less depreciation, plus net unilateral transfers, plus indirect business taxes. C) less depreciation, less net unilateral transfers, plus indirect business taxes. D) plus depreciation, plus net unilateral transfers, less indirect business taxes. E) less depreciation, plus net unilateral transfers, less indirect business taxes.
A currency board is an entity that
a. issues a currency with a floating value relative to a widely accepted currency. b. promises to continue to redeem the issued currency at the prevailing market rate. c. controls the domestic supply of money by buying and selling bonds and other liquid assets. d. provides 100% backing for all currency issued.