Which of the following statements about product development in monopolistic competition is correct?
i. Firms in monopolistic competition undertake too much product development for efficiency.
ii. Firms in monopolistic competition undertake too little product development for efficiency.
iii. Product development might allow the firm to temporarily earn an economic profit.
A) i only
B) ii only
C) ii and iii
D) i and iii
E) iii only
C
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Job openings are plentiful when the
A) actual real GDP is above the natural real GDP. B) natural real GDP is above the actual real GDP. C) natural real GDP is increasing rapidly. D) None of the above.
The time required _____ is not a time lag associated with using discretionary policy to correct an economic problem
a. to recognize the problem b. to decide how to handle the problem c. to set a policy change in action d. for a policy to affect economic variables e. to observe public reaction after a policy announcement is made
If your aunt in Italy lends you $5,000 to complete your American education, this will be entered on the U.S. balance of payments account as a: a. debit (-)
b. credit (+). c. non-entry, since it will affect Italy's payments but not those of the United States. d. devaluation, since the net value of the American capital stock will be reduced by the amount of your debt.
Deepening of human capital in the U.S. economy focuses: a. more on additional education and training than on a higher average level of work experience. b. more on a higher average level of work experience than on additional education and training. c. more on the reduction of the cost of capital than on additional training
d. more on increasing the stock of physical capital than on higher education.