In economists' models, technological advance occurs in:
A. the very long run.
B. either the short run, long run, or very long run.
C. manufacturing industries but not in service industries.
D. pure competition but not in monopolistic competition, oligopoly, and pure monopoly.
Answer: A
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In the above table, if the firm produces 2 units of output, it will
A) make an economic profit of $9. B) make an economic profit of $60. C) incur an economic loss of $9. D) incur an economic loss of $60.
The Navigation Acts (1651 and later amendments)
(a) defined the British Empire within Europe and restricted shipping and trade between it and the external world. (b) had a major purpose of enlarging and protecting the King of England's income derived from trade through shipping and trade. (c) advanced free trade across the British Empire. (d) held true for all of the above.
Activists believe that
a. discretionary changes in macroeconomic policy can help smooth the ups and downs of the business cycle. b. balancing the federal budget is of primary importance to economic stability. c. the economy's self-correcting mechanism, if not stifled by perverse policies, will prevent prolonged periods of high unemployment. d. the M1 money supply should be increased at a steady annual rate.
Which of the following does not contribute to the high productivity of the U.S. economy?
A. Factor mobility. B. The capital stock. C. Technology. D. Negative externalities.