The principle "survival of the fittest" tells us that
A. only the most innovative and adaptive firms are likely to survive competition.
B. only the least innovative and adaptive firms are likely to survive competition.
C. only the most innovative and adaptive firms are likely to attract more competition.
D. only the most innovative and adaptive firms are likely to migrate to other products.
Answer: A
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Refer to the table above. Suppose that the only variable input that the firm uses is labor. What is the wage paid to a worker in the firm?
A) $1 B) $5 C) $10 D) $15
If there is an exogenous increase in investment spending, Monetarists argue that there would be little or no effect on real output because the interest rate would __________,
investment would __________, saving would __________, and consumption would __________. A) decline; increase; increase; decrease B) decline; increase; decrease; increase C) rise; decrease; decrease; increase D) rise; decrease; increase; decrease
The national debt
a. exists because of past government budget deficits. b. is the difference between the government's spending and revenue in a given year. c. is the amount households owe on credit cards, mortgages and other loans. d. is the amount household and firms have borrowed minus the amount they have saved.
Economic profits in the rent-a-wreck industry are $400,000 per firm. Assuming that the industry is perfectly competitive,
A. new firms will enter and the supply of the car rentals will increase. B. new firms will enter but there will be no effect on the supply of car rentals. C. firms will leave the industry and supply will fall. D. the industry is in equilibrium.