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1. Which is a barrier to entry? Government licensing
2. The representative firm in a purely competitive industry Will earn an economic profit of zero in the
long run’
3. On Selling point value of final items and job done produced within a country during a period of
months is called: gross domestic product.
4. Which of on following activities is least likely to be counted in GDP? Fran volunteers at on local
veteran’s hospital twice a month
5. Intermediate items and job done are production and counted in GDP on end products of; are not
6. If Bountiful Orchard grows $133,333 worth of peaches, sells $53,333 worth of peaches to
consumers and uses to rest to make jam that is sold to consumers for $133,333, Bountiful Orchard's
contribution to GDP is: $186 667
7. Marginal product is: the increase in total output attributable to the employment of one more worker
8. The law of diminishing returns indicates that as extra units of a variable resource are added to a
fixed resource, marginal product will decline beyond some point.
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