_____ is an example of an industrial cluster
a. International Trade Union Confederation
b. International Workers Association
c. International Transport Workers' Federation
d. Silicon Valley software makers
e. International Affiliation of Writers Guilds
d
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According to economist Paul Romer, economies that wish to experience growth must
A) invest most of their savings in national defense. B) invest in knowledge. C) drastically lower their standards of living. D) become command economies.
If bagels and cereal are substitutes, then the cross-price elasticity of demand between bagels and cereal will be:
A. greater than zero. B. less than zero. C. greater than one. D. less than one.
The law of supply indicates that, all else held constant,
A. producers will be willing and able to offer more of a product at high prices than at low prices. B. producers will be willing and able to offer more of a product at low prices than at high prices. C. the product supply curve is downward-sloping. D. consumers will be willing and able to purchase less of a good at high prices than at low prices.
The __________ summarizes the output of the business, given the level of inputs.
A. average cost B. marginal function C. marginal revenue D. production function