The productivity speed-up of the 1950s and the 1960s could have been caused by
a. wartime innovations.
b. civilian innovations after World War II.
c. industrial innovations spurred by the Korean and Vietnam conflicts.
d. decreases in the rate of population growth.
b
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Many biologic drug manufacturers are pushing for patent protection to be extended to 12 years before generics are allowed to be introduced to the market. This reflects which of the following barriers to entry?
A) network externalities B) entry blocked by government action C) economies of scale creating a natural monopoly D) control of a key resource
Higher wages that compensate workers for unpleasant aspects of a job are called compensating differentials
Indicate whether the statement is true or false
If marginal cost is increasing, average total cost must be increasing
Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
1. In a market economy, CEOs and other top executives own most of the resources. 2. The market system can work only if the government enforces the rules. 3. Inflation is defined as an increase in the overall price level in an economy. 4. Unemployment can occur because of seasonal fluctuations in demand.