In the United States, consumers, businesses, governments, and foreigners participate in both the product and factor markets.
Answer the following statement true (T) or false (F)
True
Consumers, businesses, government agencies, and foreigners participate in the marketplace by offering to buy or sell goods and services as well as factors of production.
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The Romer model is distinct from the Solow model in that the former assumes that ________
A) technology is fixed B) an increase in price affects quantity demanded, rather than demand C) some labor is devoted to producing new technology D) output per worker is fixed
A risk-averse individual has
A) an increasing marginal utility of income. B) an increasing marginal utility of risk. C) a diminishing marginal utility of income. D) a diminishing marginal utility of risk. E) a constant marginal utility of income, but a diminishing marginal utility of risk.
Which of the following is never negative?
a. marginal product b. average product c. production elasticity d. marginal rate of technical substitution e. slope of the isocost lines
In terms of innovation and growth, the U.S. economic system has far exceeded the achievements of any other type of economy, even in ancient history
a. True b. False Indicate whether the statement is true or false