What are the main forces shaping today's economy, and how are they impacting the economy?
What will be an ideal response?
There are three main forces shaping today's economy. They are technological change, globalization, and the evolution of financial markets. Technological change is expanding the range of goods and services that the economy can produce. Globalization is causing producers to source production wherever it is most efficient. Financial markets have recently experienced severe problems that damaged the rest of the economy. All three forces are converging to shape the economy in sometimes unanticipated ways.
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Two goods that are complementary are
a. wrapping paper and scotch tape b. letter and fax c. beef and chicken d. bicycle and motorcycle e. Coke and Pepsi
What problem does the government have that makes price regulation less than an ideal solution?
a. There is no effective way to enforce price regulation. b. The government cannot tell what price a firm is charging. c. Regulators frequently will not have the information they need to set prices. d. Regulation often will lead to lower costs.
The primary difference between marginal revenue product for the perfect and imperfect competitor is
A. the determination of the output price. B. the effective use of capital. C. the differences in calculation of total revenue. D. the concept of marginal analysis.
Why do we not count the value of intermediate goods and services in gross domestic product? Does the value of intermediate goods and services show up in gross domestic product? If so, how?
What will be an ideal response?