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.