Refer to the graph shown. An effective price ceiling at $3 causes producer surplus to:
A. increase from 80 to 110.
B. fall from 80 to 30.
C. fall from 120 to 30.
D. increase from 30 to 120.
Answer: C
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In 2013, the U.S. spending on research and development was:
a. the lowest among developed countries b. more than any other country c. more than most countries, but not China d. consistent with spending on R&D in 2012
Long-run average cost of the perfectly competitive firm includes the
a. cost of raw materials per unit of output. b. opportunity cost of labor per unit of output. c. opportunity cost of capital per unit of output. d. All of the above are correct.
In national income accounting, the consumption category of expenditures includes purchases of:
A. both new and used consumer goods. B. consumer durable goods and consumer nondurable goods but not services. C. consumer durable goods, consumer nondurable goods, and services. D. changes in business inventories.
A worker's skills and knowledge are types of social capital.
Answer the following statement true (T) or false (F)