Economic historians date the start of the Industrial Revolution around the year 1776, when James Watt:
A. built the first factory for mass production.
B. invented the steam locomotive.
C. successfully lobbied British parliament for the enactment of patent legislation to protect
new inventions.
D. invented and built a more powerful and efficient steam engine.
D. invented and built a more powerful and efficient steam engine.
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If the same fine is imposed on buyers and sellers of an illegal good so that the cost of breaking the law is the same for both, then
A) there is more government revenue collected than with an excise tax on the good. B) there is no deadweight loss in this market because the extra producer surplus will exactly offset the lost consumer surplus. C) the supply and demand curves both shift leftward by equal amounts. D) the equilibrium price of the good definitely increases.
In response to a temporary change in total factor productivity, the adoption of capital controls under a flexible exchange rate
A) amplifies the effect of this disturbance on both domestic output and the nominal exchange rate. B) amplifies the effect of this disturbance on domestic output and dampens the effect on the nominal exchange rate. C) dampens the effect of this disturbance on domestic output and amplifies the effect on the nominal exchange rate. D) dampens the effect of this disturbance on both domestic output and the nominal exchange rate.
The essence of competitive strategy includes which of these?
a. management-based capabilities b. resource=based capabilities c. business processes d. adaptive innovation e. a, b & c f. b, c & d Indicate whether the statement is true or false
In the short run, a negative demand shock will
a. decrease the price level but leave real GDP unchanged b. increase the price level but leave real GDP unchanged c. decrease both the price level and real GDP d. increase the price level and decrease real GDP e. decrease the wage rate