Which of the following was one of the likely causes of the productivity problem in the 1970s?
A. a reduction in government regulation
B. an increase in investment spending
C. low saving rates
D. increased research and development spending
Answer: C
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Last year in the country of Nerf imports equaled exports. Nerf's GDP was $500 million, its consumer expenditure was $380 million, and its investment was $20 million. Nerf's government expenditure on goods and services were ________
A) $100 million B) $900 million C) $500 million D) zero
The idea of time inconsistency explains procrastination by:
A. recognizing that we have several modes of decision making, and the less time we have to react, the worse the decision is. B. recognizing that our ability to remember long-term benefits when making decisions diminishes the closer the action becomes. C. recognizing that we have two modes of decision making, a "future-oriented" and a "present-oriented" self, who have conflicting objectives. D. recognizing that we never take long-term benefits into account.
Other things equal, if the price of a key resource used to produce product X falls, the:
A. product supply curve of X will shift to the left. B. product demand curve of X will shift to the left. C. product demand curve of X will shift to the right. D. product supply curve of X will shift to the right.
If a firm is producing at the kink in its demand curve and it decides to decrease its price, according to the kinked demand model
A. It will lose market share, but its profits will decrease. B. It will gain market share. C. It will lose market share to the firms that do not follow the price decrease. D. Its market share will not be affected.