To maintain returns from research and development, firms
A) sponsor start-ups.
B) keep trade secrets.
C) use a fast-second strategy.
D) advocate creative destruction.
Ans: B) keep trade secrets.
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The quantity theory of money assumes that
A) the velocity of money is constant. B) the velocity of money is negative. C) the velocity of money fluctuates unpredictably. D) the velocity of money is zero.
A phenomenon closely related to market overreaction is
A) the random walk. B) the small-firm effect. C) the January effect. D) excessive volatility.
Which of the following makes long-term low-interest loans to LDCs?
a. Agency for International Development (AID). b. World Bank. c. International Monetary Fund (IMF). d. New International Economic Order (NIEO).
If skilled labor costs three times as much as unskilled labor, a profit-maximizing firm will vary the quantity of each type of labor used until the
a. amount of unskilled labor used is three times the quantity of skilled labor used. b. amount of unskilled labor used is one-third the quantity of skilled labor used. c. marginal product of skilled labor is one-third that of unskilled labor. d. marginal product of skilled labor is three times as great as that of unskilled labor.