Studies of data support the view that higher levels of education are associated with higher levels of real
a. interest rates.
b. per capita GDP.
c. price inflation.
d. income decline.
b
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In the long run, perfectly competitive firms make zero economic profit (their owners earn a normal profit) because
A) any economic profit would attract newcomers to the industry. B) the firms are incompetent. C) any economic loss would increase the demand for the good, thereby raising its price. D) there are many buyers and sellers.
Economic reasoning is based on the premise that: a. all decisions or actions are costless
b. only non-economic decisions or actions have a cost associated with them. c. only economic decisions or actions have a cost associated with them. d. all decisions and actions have a cost associated with them.
In the Coen Brothers' movie The Hudsucker Proxy the board of directors picks someone to run the company who they believe will make poor decisions. If things turn out as they plan,
a. the price of a share of stock in the Hudsucker corporation should decline as the demand for shares falls. b. the price of a share of stock in the Hudsucker corporation should rise as the demand for shares rises. c. the price of a share of stock in the Hudsucker corporation should decline as the supply of existing shares falls. d. the price of a share of stock in the Hudsucker corporation should rise as the supply of existing shares rises.
The reason that the government offers inventors exclusive rights to their product for a period of time is to
A. increase profits of certain companies. B. reduce market concentration. C. maximize consumer utility. D. promote innovation.