Long-term productivity growth trends have resulted in the
a. increased predominance of the British economy.
b. relative decline of the U.S. relative to the U.K.
c. relative decline of the Japanese economy.
d. relative growth of the Japanese economy.
d
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Signaling takes place in markets with ________
A) asymmetric information B) positive externalities C) negative externalities D) perfect competition
Using Excel, Big Pies Pizzas estimates the log-linear weekly demand function for their pizza to be ln Qd = 8.23 - (1.50 × ln P). If Big Pies Pizzas increases the price of their pizzas from $10 to $12, which of the following will occur?
A) The predicted quantity (Qd ^) will increase. B) The predicted quantity (Qd ^) will increase by approximately 52.48 pizzas. C) The predicted quantity (Qd ^) will decrease by approximately 28.39 pizzas. D) The predicted quantity (Qd ^) will decrease by approximately 62.89 pizzas.
In the short-run macro model, firms that sell more than they produce will respond by
a. reducing output b. increasing output c. reducing prices d. raising prices e. not changing production because the market will adjust on its own
Suppose Jim and Tom can both produce baseball bats. If Jim's opportunity cost of producing baseball bats is lower than Tom's opportunity cost of producing baseball bats, then
a. Tom must have an absolute advantage in the production of baseball bats. b. Jim must have an absolute advantage in the production of baseball bats. c. Tom has a comparative advantage in the production of baseball bats. d. Jim has a comparative advantage in the production of baseball bats.