Evidence indicates that the average economic profits of invention are
a. well above zero.
b. slightly above zero.
c. equal to zero.
d. less than zero.
d
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Whether or not policymakers should try to make our society more egalitarian is largely a matter of
a. economic efficiency. b. political philosophy. c. egalitarian principles. d. enhanced opportunity.
U.s. gdp
a. includes production of foreigners working in the U.S. and production by U.S. residents working in foreign countries. b. includes production of foreigners working in the U.S. but excludes production by U.S. residents working in foreign countries. c. excludes production of foreigners working in the U.S. but includes production by U.S. residents working in foreign countries. d. excludes production of foreigners working in the U.S. and production by U.S. residents working in foreign countries.
An "increase in the quantity supplied" suggests a:
A. Rightward shift of the supply curve B. Movement down along the supply curve C. Movement up along the supply curve D. Leftward shift of the supply curve
The construct of a representative firm is most helpful in describing the behavior of all of the firms in the economy when
A) there are constant returns to scale. B) there are increasing returns to scale. C) there are decreasing returns to scale. D) the marginal product of labor is increasing in the amount of labor input.