Recent research in growth theory extends the traditional analysis by making the rates of
a. technological change and/or population growth exogenous.
b. technological change exogenous and population growth endogenous.
c. population growth and/or technological change endogenous.
d. population growth exogenous and technological change endogenous.
C
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For a perfectly competitive firm, curve A in the above figure is the firm's
A) total fixed cost curve. B) average fixed cost curve. C) average variable cost curve. D) total revenue curve.
During a stock market bubble, the price/earnings [P/E] ratio:
a. hits high levels. b. falls to zero. c. becomes negative. d. remains constant. e. declines to a very low level.
Liasner, a heavy machine manufacturer, recently introduced a new lathe machine that consumes lesser electricity than conventional lathe machines. Since baseball bats are produced using lathe machines, which of the following will be an impact of Liasner's machine on the supply of baseball bats? a. The quantity supplied of baseball bats will increase. b. The quantity supplied of baseball bats
will decrease. c. The supply of baseball bats will increase. d. The supply of baseball bats will decrease.
The physical output that is due to the addition of one more unit of a variable factor of production is
A) average total cost. B) marginal cost. C) average product. D) marginal product.