Adam Smith supported the view that ________ greatly influenced its economic growth
A) the culture in a nation B) the institutions in a nation
C) the location of a nation D) the geography of a nation
B
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The above table gives real GDP and the aggregate expenditure schedule. Equilibrium real GDP is
A) $11 billion. B) $12 billion. C) $10 billion. D) $14 billion. E) $13 billion.
The difference between the present discount value of a revenue stream and the present discount value of a cost stream is called the:
A. interest rate. B. net present value. C. net cash flow. D. profit.
A competitive firm's short-run supply curve is part of which of the following curves?
a. marginal revenue b. average variable cost c. average total cost d. marginal cost
Related to the Economics in Practice on page 196. The search engine business is subject to ________, which means that as the use of the search engine increases, the long-run cost to provide additional searches on that search engine will likely fall.
A. diminishing returns B. significant government regulation C. diseconomies of scale D. economies of scale