If you generate a new idea that has not been implemented yet by anyone else, and the idea offers a more profitable use of some resource, it is likely an example of:
A. a goal other than profit.
B. intervention.
C. innovation.
D. market failure.
Answer: C
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If the money wage rate and other resource prices do not change when the price level rises by 10 percent, ________
A) the long-run aggregate supply curve shifts leftward B) the short-run aggregate supply curve shifts leftward C) the long-run aggregate supply curve shifts rightward D) there is movement along the short-run aggregate supply curve
There are two firms that compete against each other and each needs to decide if they will undertake research and development to improve their product
The payoffs are as follows: If Firm 1 does undertake R&D then Firm 2 will earn $25 million if they also do R&D or $50 million if not If Firm 1 does not undertake R&D then Firm 2 will earn $2 million if they do R&D or $0 million if not If Firm 2 does undertake R&D then Firm 1 will earn $10 million if they also do R&D or $20 million if not If Firm 2 does not undertake R&D then Firm 1 will earn $2 million if they do R&D or $0 million if not Regarding this game, which of the following is TRUE? A) Only one will do R&D but we cannot say which one. B) Both firms will do R&D. C) Both firms will not do R&D. D) Firm 1 will do R&D and Firm 2 will not.
In the United States, the federal income tax is an example of a
A) progressive tax. B) regressive tax. C) flat tax. D) proportional tax.
As of 2013, which was the only country in the world to be debt-free?
A. Japan B. Greece C. Korea D. Brunei