What is measured on the horizontal axis of the aggregate demand/aggregate supply model?
A. real Gross Domestic Product (GDP)
B. the interest rate
C. nominal income
D. the price level
Answer: A
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Suppose scientific research generates external benefits. Without government intervention, the market for scientific research would
A) produce the efficient amount. B) produce more than the efficient amount. C) produce some research, but less than the efficient amount. D) produce zero research. E) either produce more than or less than the efficient amount depending on whether the external benefit is on the production or consumption of the research.
Which of the following is always a violation of the antitrust law?
A) price fixing among competitors B) resale price maintenance C) tying arrangements D) predatory pricing
Which of the following is most likely to be able to sustain economic growth in an economy?
A) increases in capital per hour worked B) technological change C) sustained increases in the labor force participation rate D) accumulations of economic resources
Rent-seeking activities have been a major problem in the HPAE and contributed greatly to the Asian financial crisis
Indicate whether the statement is true or false