An advance in technology commonly refers to the ability to produce
A) the same output with a smaller quantity of resources.
B) more output with a fixed quantity of resources.
C) more output with a greater quantity of resources.
D) both a and b
E) both b and c
D
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The absence of clear property rights
A) is common in many developing nations. B) encourages creative destruction. C) is caused by capital deepening. D) all of the above.
Which of the following is not a type of trade restriction?
a. low-interest loans to foreign buyers b. export subsidies to domestic producers c. restrictive health and safety standards d. domestic content requirements e. economies of scale
Explain the relationship between the budget constraint and indifference curve at a consumer's optimum
A government-inhibited good is a good which
A. can be consumed by one individual without affecting the consumption of another individual. B. the political process has deemed socially undesirable. C. is not subject to the principle of mutual exclusivity. D. the political process has deemed socially desirable.