As a result of the government procurement policy in the U.S.:
a. the domestic consumers are required to pay a higher price than the government for the domestically produced goods.
b. the government wields the sole authority of importing goods from abroad.
c. the government wields the sole authority of exporting goods.
d. the government is required to buy the domestic goods if the domestic price is less than the world price.
e. the government is required to sponsor research and development for the domestic firms.
d
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The neoclassical growth model argues that the only way to increase growth in the long-run is
a. increase savings rates. b. reduce depreciation rates. c. reduce population growth. d. increase technology growth.
Walter rents some ice time at the local hockey rink for 2 hours. After skating for an hour, he finds himself cold, tired, and hungry. If Walter decides to skate around for the other hour before leaving, it is likely because he:
A. is ignoring the sunk cost of the rink time. B. is focusing on the sunk cost of the rink time. C. is weighing his opportunity costs of the second hour against the benefits of the second hour of skating. D. None of these is true.
Perfect competition and pure monopoly are concepts useful primarily for realistic application
a. True b. False Indicate whether the statement is true or false
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.