All of the following are considered a barrier to entry into a market EXCEPT
A. government licenses.
B. governmental regulations of business conduct relating to workplace conditions.
C. lowering tariffs.
D. persistent declining long-run average costs as output increases.
Answer: C
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Gross domestic product in the economy is measured by the
A) total number of services produced in the economy. B) dollar value of all final goods and services produced in the economy. C) total number of goods and services produced in the economy. D) total number of goods produced in the economy.
Suppose two countries are identical in every way with the following exception. Economy A has a higher rate of depreciation (?) than economy B. Given this information, we know with certainty that
A) steady state consumption in A is higher than in B. B) steady state consumption in A is lower than in B. C) steady state consumption in A and in B are equal. D) steady state growth of output per worker is higher in A than in B. E) none of the above