Microprocessors have become faster and faster since their invention in 1971, with their performance approximately doubling every 18-24 months. This trend of improvement has become known as
A. the Intel effect.
B. information clustering.
C. Gates's law.
D. Moore's law.
Answer: D
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Holding other factors constant, if a tax cut moves the government budget from a surplus to a deficit, then the real interest rate will ________ and the equilibrium quantity of national saving and investment will ________.
A. decrease; increase B. decrease; decrease C. increase; increase D. increase; decrease
Calculate the effective rate of protection for the domestic MP3 player industry following the imposition of a 20 percent tariff on the imports of MP3 players. The cost of material inputs used in the production of MP3 players in the country is $100 per unit, and there is free trade in these material inputs. The world price of MP3 players is $175 per unit. Assume that the country is a small country.
A. 46?% B. 35% C. 72?% D. 20%
Explain the differences between the two-country, two-commodity model with constant costs of production and the two-country, two-commodity model with increasing costs of production. Adequately describe the production-possibilities curves for each country in each case. Describe free-trade production and the degree of specialization in each country under both cost situations.
What will be an ideal response?
Because monopolistically competitive firms cannot earn long-run economic profits, they do not have any degree of monopoly power.
Answer the following statement true (T) or false (F)