The possibility that the economy may benefit from having market power, rather than being very competitive, is closely identified with which famous economist?
A) Arnold Harberger
B) Joseph Schumpeter
C) Sergey Brin
D) Donald Turner
Answer: B
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Economies of scale exist as a firm increases its size in the long run because of all of the following except
A) as a larger input buyer, the firm can purchase inputs at a lower per unit cost. B) as a firm expands its production, its profit margin per-unit of output increases. C) the firm can afford more sophisticated technology in production. D) labor and management can specialize even further in their tasks.
The decline in the natural rate of unemployment between the 1979 and the 2000s might be the result of:
A. greater quantities of human capital and increased average labor productivity. B. advances in computer technology and globalization. C. the changing age structure of the population and more efficient labor markets. D. increasing wage inequality and skill-biased technological change.
The nominal rate of interest is
A. CPI minus an inflationary premium. B. the real rate of interest minus the anticipated rate of inflation. C. PPI minus an inflationary premium. D. the market rate of interest expressed in today's dollars.
A decrease in taxes on the current generation would have no effect on consumption or nationalsaving if
A. individuals increase their consumption by less than the tax cut. B. consumers are not forward looking concerning their future tax burden. C. consumers bequeath all of the tax cut to the next generation. D. individuals face borrowing constraints.