The development of modern rich nations can be characterized by three? stages:
What will be an ideal response?
agricultural? stage, followed by manufacturing? stage, and lastly the tertiary stage.
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For computers and other business equipment, small changes in business earnings tend to generate relatively large short-run changes in the demand for this equipment
In the long run, the responsiveness of demand for business equipment with respect to income changes tends to be: A) even more responsive. B) less responsive. C) equally responsive. D) none of the above
Apple just announced it will be coming out with the newest model iPhone in the next six months. One could reasonably expect demand for the current model of iPhone to:
A. decrease due to a change in expectations of future prices. B. increase due to a change in expectations of future prices. C. increase due to limited supply of the current model. D. decrease due to the change in price of a substitute good.
Is the call for protection on the basis of "infant industry" valid?
a. No, because protection has no place in industrial development. b. No, protection is always improper. c. Uncertain, economic theory has no answer to this question. d. Yes, although it can be overstated and abused.
Suppose two companies, Macrosoft and Apricot, are considering whether to develop a new product, a touch-screen t-shirt. The payoffs to each of developing a touch-screen t-shirt depend upon the actions of the other, as shown in the payoff matrix below (the payoffs are given in millions of dollars). 
If Macrosoft and Apricot make their decision at the same time, then which of the following statements is correct?
A. The game has more than one Nash equilibrium. B. The only Nash equilibrium is that both develop a touch-screen t-shirt. C. The game does not have a Nash equilibrium. D. The only Nash equilibrium is that neither develops a touch-screen t-shirt.