"Learning by doing" results in decreased average costs of production and is illustrated by a downward shift of the firm's long-run average cost curve
Indicate whether the statement is true or false
TRUE
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In order to increase economic growth, a government can
A) discourage research and development. B) decrease funding on education. C) discourage specialization and trade. D) establish property rights and a legal system. E) tax saving in order to encourage more spending.
Asymmetric information generally leads to efficient resource allocation.
Answer the following statement true (T) or false (F)
Capital goods are treated as ________ goods and, therefore, are ________ GDP.
A. intermediate; excluded from B. final; excluded from C. intermediate; included in D. final; included in
GDP is a good measure of:
A. relative living standards in various countries. B. relative prices in various countries. C. relative welfare in various countries. D. market activities at market prices.