A standard which came to the market first, such as the QWERTY letter layout in typewriters, can become entrenched (this layout is still used for computer keyboards today). What is this phenomenon called?
A) path dependency B) sunk cost
C) comparative advantage D) network externalities
A
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The unemployment rate tells us
A) the fraction of people who want to be working but are not. B) the fraction of people who are not working and do not want to be working. C) the fraction of people who are not working and have quit looking for jobs. D) all of the above
The pay-as-you-go system for the Social Security System entails. ________
A) a transfer of payments from those currently working to retirees B) taxing the import and export of goods and services into an out of the United States C) a number of current retirees that exceeds the number of employed individuals D) issuing additional government debt in the event of budget surplus
If the central bank follows a monetary policy in which it maintains a fixed interest rate, then
a. the LM curve will get steeper. b. the IS curve will get steeper. c. the LM curve will become vertical. d. the LM curve will become horizontal. e. none of the above.
When more and more units of a variable factor are combined with constant amount of a fixed factor, such that the variable factor becomes abundant compared to the fixed factor, the output will eventually:
a. increase at an increasing rate. b. increase at a diminishing rate. c. increase at a constant rate. d. become constant. e. fall to zero.