Our rate of productivity growth in the 1990s was _____ compared to the rate of our productivity growth during the 1970s.
Fill in the blank(s) with the appropriate word(s).
greater than
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The benefits from research and development activities
A) spill over to others, including foreign residents. B) are limited to the firms investing in similar research and development projects. C) are limited to the nation in which the research and development is taking place. D) are limited to the firm winning a patent.
What is the difference between a normal profit and an economic profit?
What will be an ideal response?
Which of the following statements applies to a monopolist but not to a perfectly competitive firm at their profit-maximizing outputs?
A) Average revenue equals average cost. B) Marginal revenue is less than price. C) Price equals marginal cost. D) Marginal revenue equals marginal cost.
Which of the following is true of bureaus?
a. They are highly sensitive to consumer feedback. b. They create laws to govern the functioning of an economy. c. They control the money supply in the economy. d. They implement the laws created by the government.