The "new growth theory" focuses on the sources of technological change.
a. true
b. false
Ans: a. true
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John has been laid off from his job because of a general downturn in the economy. John's unemployment is best classified as
A) structural. B) cyclical. C) frictional. D) full. E) avoidable.
The idea of time inconsistency:
A. explains how it can be rational for someone to say he's going to eat a salad for dinner each night this week and end up eating pizza four out of five nights instead. B. explains how it can be rational for someone to pay more for something on his credit card than if he were to pay cash for the same thing. C. explains why people refuse to ignore only some sunk costs. D. Time inconsistency doesn't explain any of these behaviors.
Figure 34-5
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From the graph in Figure 34-5 (curves show output per unit of labor input), one can infer that
A. in terms of TVs, computers are more expensive in China than Japan. B. in terms of computers, TVs are more expensive in China than Japan. C. China should produce more TVs and fewer computers. D. All of the above are correct.
Market power refers to the
a. power of a single person or small group to influence market prices. b. ability of a person or small group to successfully market new products. c. power of the government to regulate a market. d. importance of a certain market in relation to the overall economy.