Which of the following will tend to cause an increase in technology?
A) increases in human capital
B) an increase in research and development expenditures
C) the development of new ideas
D) all of the above
D
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If negative externalities are present in a market, ________
A) the price charged in the market is higher than the socially optimal price B) the quantity supplied in the market is larger than the socially optimal level C) the marginal social cost of production is lower than the marginal private cost D) the average cost of production exceeds the marginal cost of production at all output levels
In a circular-flow diagram, the total value of ________ equals the total value of ________
A) spending on goods and services; income B) GDP; GNP C) capital; labor D) exports; imports
The cross-price elasticity of demand is
a. price elasticity of demand multiplied by the income elasticity of demand b. the percent change in the price of one commodity with respect to a one-percent change in the quantity demanded of another commodity c. the percent change in the demand for one commodity with respect to a one-percent change in the price of another commodity d. negative for substitute goods e. price elasticity of demand crossed with consumer incomes
Assume a closed economy. If consumption spending is $6.2 trillion, investment spending is $2.5 trillion, net taxes are $1.5 trillion and total income is $11 trillion, how much must government purchases be?
a. $2.3 trillion b. $0.8 trillion c. $3.3 trillion d. $7 trillion e. cannot be determined without more information