In the classical system, output and employment are primarily dependent on
a. population, productivity, and technology.
b. technology, capital formation, and thrift.
c. population, technology, and capital formation.
d. productivity, thrift, and population.
C
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If the price elasticity of demand for gasoline equals 0.3, then an increase in the price of a gallon of gasoline from $3.70 to $3.90
A) decreases total revenue. B) increases total revenue. C) leads to no change in total revenue. D) makes the demand for gasoline elastic. E) Both answers B and D are correct.
Natural monopolies occur when there are
A) large diseconomies of scale. B) external economies. C) large economies of scale. D) natural resources involved.
Studies have shown that drinking one glass of red wine per day may help prevent heart disease. Assume this is true, and a fungal disease destroys a large portion of the grape harvest of California vineyards
In the market for red wine, these two developments would A) increase demand and decrease supply resulting in a decrease in both the equilibrium quantity and the equilibrium price of red wine. B) increase demand and increase supply, resulting in an increase in the equilibrium quantity and a decrease in the equilibrium price of red wine. C) increase demand and decrease supply, resulting in an increase in both the equilibrium price and the equilibrium quantity of red wine. D) increase demand and decrease supply, resulting in an increase in the equilibrium price and an uncertain effect on the equilibrium quantity of red wine.
The ____ takes on particular importance because it is a self-enforcing equilibrium. That is, once this equilibrium is established, neither firm has an incentive to move
a. socially optimal solution b. Nash equilibrium c. disequilibrium d. payoff matrix