Among the answers given below, which one does not explain why an economy grows?
a. growth of population and the labor force
b. capital accumulation and capital deepening
c. technological change
d. high death rates and high birth rates
e. increases in skill levels for workers
D
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Suppose you pre-ordered a non-refundable movie ticket to X-Men: Apocalypse. On the day of the movie you decide that you would rather not go to the movie. According to economists, what is the rational thing to do?
A) You should go to the movie to maximize your utility. B) You should not waste resources. Since you have paid for the ticket you should watch the movie. C) Your should go to the movie to minimize your losses. D) Since the cost of the movie ticket is a sunk cost, it should not influence your decision. Your decision should be based solely on whether you want to see the movie or not.
The marketing of the first ballpoint pen by Milton Reynolds showed
A) that being the first firm to market a new product can result in a natural monopoly. B) that first-mover advantages can make it more difficult for new firms to enter a market and compete against the first mover. C) how important it is to receive patent protection for a new product. D) that being the first firm to market a product may not lead to a long-lived advantage over later entrants into the market.
Maximum likelihood estimation yields the values of the coefficients that
A) minimize the sum of squared prediction errors. B) maximize the likelihood function. C) come from a probability distribution and hence have to be positive. D) are typically larger than those from OLS estimation.
The aggregate demand curve shows the relationship between planned purchases of
A. all final goods and services and total planned production. B. all final goods and services and nominal GDP. C. all final goods and services and interest rates. D. all final goods and services and the price level.