Which of the following is not an example of a barrier to entry?
a. Mighty Mitch's Mining Company owns a unique plot of land in Tanzania, under which lies the only large deposit of Tanzanite in the world.
b. A chemist receives a patent for a new skin cream.
c. An entrepreneur opens a cupcake bakery.
d. A taxi cab driver in New York City obtains a license to legally provide transportation in New York City.
c
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Suppose we have two pairs of substitute goods. The first are very close substitutes, such as Coke and Pepsi, while the others are less close, such as Coke and iced tea. We would expect the cross elasticity of the closer pair to be
a. positive while the less close pair to be negative b. negative while the less close pair to be positive c. one while the less close pair to be zero d. the smaller of the two e. the larger of the two
The GDP deflator of an economy is calculated by:
a. dividing nominal GDP by real GDP and multiplying by 100. b. dividing real GDP by nominal GDP and multiplying by 100. c. dividing nominal GDP by real GDP and multiplying by 1,000. d. dividing real GDP by nominal GDP and multiplying by 1,000.