Which of the following is not an example of barriers to entry?
(A) In some counties, laws require retail stores to be closed on Sundays.
(B) Cable companies must lay miles of underground cable before they can serve a single customer in a new market.
(C) An entrepreneur who wants to own a clothing store must rent a building, hire workers, and buy clothing to sell.
(D) A person who wishes to practice medicine is required to attend medical school, do an internship, and pass a state exam.
Ans: (A) In some counties, laws require retail stores to be closed on Sundays.
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What happens if we internalize a negative externality?
a) Internalizing a negative externality will cause an industry to increase the quantity it supplies to the market and increase the price of the good produced. b) Internalizing a negative externality will cause an industry to decrease the quantity it supplies to the market and increase the price of the good produced. c) Internalizing a negative externality will cause an industry to decrease the quantity it supplies to the market and decrease the price of the good produced. d) Internalizing a negative externality will cause an industry to increase the quantity it supplies to the market and decrease the price of the good produced.
Sources of external economies of scale include
A. larger firm size that results in volume discounts. B. larger industry size that `results in lower production costs. C. larger plant size that allows the plant to take advantage of technology. D. All of the above are correct.
An example of moral hazard is
a. workers working diligently even though the boss is not looking b. health care insured dieting and exercising c. drivers of safer cars texting on their phones while driving d. borrowers investing their loan proceeds exactly as the bank requires
The four categories of final users of GDP are:
A. households, firms, governments, and the foreign sector. B. businesses, corporations, firms, and farms. C. businesses, firms, governments, and the foreign sector. D. households, the Federal Reserve, governments, and the foreign sector.