What factor has the greatest influence on elasticity and inelasticity of supply?
a. profit
b. labor
c. time
d. financing
Answer: time
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Which of the following is a key difference between firms in a perfectly competitive industry and firms in a monopolistically competitive industry?
a) A monopolistically competitive firm does not face entry from other firms. b) A monopolistically competitive firm does not have the exact same product as other firms. c) A monopolistically competitive firm does not choose a level of output where marginal cost is equal to marginal revenue. d) A monopolistically competitive industry does not have a large number of sellers.
A current account surplus can occur if ________, all other variables remaining unchanged
A) net exports is negative B) net transfer payments from abroad is positive C) net national savings equals zero D) net factor income from abroad equals zero
What does it mean that “innovators try to anticipate the future”? What are the economics consequences of this effort?
What will be an ideal response?
Suppose there was a debate regarding how to spend $1 billion in newly found revenues in the budget. Suppose the most liberal Democrat suggests an increase to Food Stamp (SNAP) allotments. Suppose the most conservative Republican suggests an increase in defense spending. The Democrat says that, on average, Food Stamp spending does the most good, so more is better. The Republican is arguing that the extra security purchased by the extra spending will increase well-being the most. What is going on here?
A. Only the Democrat is using marginal analysis. B. Neither are using marginal analysis. C. Only the Republican is using marginal analysis. D. Both are employing marginal analysis, just from different perspectives.