An increase in the price of oil will
A) shift the supply curve of oil to the left.
B) shift the supply curve of oil to the right.
C) leave the supply curve of oil unchanged.
D) not enough information to answer the question.
C
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Balanced growth occurs when
A) the economy is in steady state. B) the growth rates for the capital-labor ratio and real GDP per worker are the same. C) total factor productivity and capital accumulation each account for the same amount of growth in labor productivity. D) nations converge to the same level of real GDP per worker from equal increases in total factor productivity.
Why does the government sometimes give monopoly power to a company by issuing a patent?
(A) The government does not want competition for the product. (B) The company pays the government for the patent. (C) The company can then profit from their research without competition. (D) The company makes a product better than anyone else's.
Which of the following could start a demand-pull inflation?
A) There is an increase in the quantity of money. B) There is an increase in government expenditures. C) There is an increase in exports. D) All of the above could be initial causes of demand-pull inflation.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions. B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions. C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions. D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.