Nabamitta is a doctor in a foreign country. When she first began medical school the number of doctors in her country was strictly limited by the government
Although the barriers to becoming a doctor were high, she invested nearly a decade of her life attempting to get a license because she knew if she received one she would be assured of a steady stream of patients. Soon after receiving a license, however, her country eliminated all barriers to entry in medical services. The result of the deregulation will likely be _____ for past license holders such as Nabamitta. a. transitional gains b. decreased competition c. transitional losses
d. a new regulatory cartel
c
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Trade between two parties is beneficial because:
a. it ensures that the standard of living in the poorer country matches its trading partner eventually. b. it enables each to consume a bundle of goods that it cannot produced domestically. c. it has an immediate effect on an economy by increasing its production set. d. it allows the economy of both trading partners to grow equally.
The marginal physical product of capital is the
a. addition to total physical product generated by an additional unit of capital b. average contribution of capital to total output c. use of capital in production d. contribution of equipment capital to loanable funds e. profit made by an entrepreneur since the entrepreneur is the capitalist