One important innovation cluster mentioned in the textbook is __________, which is the world center for biotech.
A. Bangalore, India
B. Cambridge, MA
C. Silicon Valley, CA
D. Palo Alto, CA
Answer: B
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How do economists define efficiency? Elaborate.
What will be an ideal response?
All of the following are possible explanations for why it took so long for trade balances to respond to the depreciation of the dollar EXCEPT
A) the prior increase in the value of the dollar had padded the profit margins of foreign producers. B) foreign trade barriers made it impossible for the United States to substantially expand exports it bought. C) there were still impacts from earlier appreciations working through the system. D) exports began to increase from a much lower base than imports. E) None of the above. That is, A, B, C, and D are all correct.
A firm's explicit costs are
a. the opportunity costs of the owners b. its depreciation costs c. the money paid for use of inputs d. the foregone rents on owner occupied office space e. irrelevant to the determination of economic profit
From 2000 to 2010, the public sector share of total output
A. Trended up for state and local governments and down for the federal government. B. Trended up for state and local governments and up for the federal government. C. Remained stable for the federal government but trended up for state and local governments. D. Remained stable for state and local governments but trended up for the federal government.