_____ determine the efficient pattern of specialization in production
a. Total costs
b. Opportunity costs
c. Marginal costs
d. Sunk costs
C
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Patents stimulate technological advance by
A) allowing inventors to capture the economic rewards of their inventions. B) making capital more productive. C) providing information about the status of technical knowledge in the economy. D) enabling the government to determine which potential technological advances firms should pursue.
Which of the following price indexes includes consumption, investment, government spending, and net exports?
a. The Personal Consumption Expenditure Index b. The GDP deflator c. The International Price Index d. The Producer Price Index
To avoid counting the same output more than once, the calculation of GDP includes
A. Only the output produced by U.S. factors of production. B. The value added at each stage of production plus intermediate goods. C. Intermediate goods plus final goods. D. Only the value of final goods.
A linear demand function exhibits:
A. more elastic demand as output increases. B. constant demand elasticity. C. less elastic demand as output increases. D. insufficient information to determine.