An important foundation of the new growth theory is that
A. we will get more technological advances when the rewards for producing them are greater.
B. improvements in labor productivity are poor measures of technological growth.
C. we will get more technological advances the more the government is involved.
D. the growth rate of the capital stock is more important than the growth rate of new knowledge in generating economic growth.
Answer: A
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Perfect price discrimination:
A. eliminates all consumer surplus. B. maximizes producer surplus. C. creates no deadweight loss. D. All of these statements are true.
A successful advertising campaign induces consumers to buy more of a product at any given price than before.
Answer the following statement true (T) or false (F)
Old Navy has a discount store in a rundown neighborhood and charges about half what they charge for the same merchandise in a more fashionable neighborhood. The best explanation for why they charge less in the rundown neighborhood is that
A. they pay less rent. B. their customers can't afford to pay any more. C. they don't have to bother advertising. D. they are maximizing their profits at the prices they are charging.
You are a collector of baseball cards. In 2018, you purchase a Madison Baumgartner baseball card printed in 2012. This baseball card
A. is included in the 2012 GDP. B. is in the 2012 and 2018 GDP. C. excluded from the 2012 GDP. D. included in the 2018 GDP.