Which of the following is predicted to deliver a Third Industrial Revolution characterized by low production and transportation costs?
A. New technology in additive manufacturing.
B. New technology in energy production involving fusion reactors.
C. Significant decreases in petroleum prices with the discovery of new oil fields and new
extraction techniques.
D. New transportation technology involving anti-gravitational fields.
Answer: A
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Which of the following best describes aggregate expenditure?
a. C + I + G + (X ? M) b. C + S + G + (X ? M) c. C + I + G + (X + M) d. C + I + T + (X ? M) e. C + I + T + (X + M)
If M2 were 2,000, small denomination time deposits were 500, and large denomination time deposits were 300, how much would M3 be?
Fill in the blank(s) with the appropriate word(s).
The principle that irrelevant detail should not be included in a model is known as
A. Ockham's razor. B. a fallacy. C. ceteris paribus. D. normative economics.
Fixed costs are those costs which are:
A. Zero if the firm produces no output in the short run B. Unchanging through time C. Independent of the rate of output D. Implicit to a competitive firm