Basic research has less immediate payoff to society
a. True
b. False
Indicate whether the statement is true or false
True
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There are three leading manufacturers of smart phones in Techland. Their products are considered to be perfect substitutes
a) Will these firms earn zero economic profits in the long run? Explain your answer. b) What can the firms do to earn maximum profit?
In the above table, saving must be
A) -$300 billion. B) $300 billion. C) $400 billion. D) -$400 billion.
Citizens of the country of Heehaw produce hay and provide entertainment services (banjo playing). In one year they produced $15 million worth of hay, with $11 million consumed domestically and the other $4 million sold to neighboring countries
They provided $7 million worth of banjo-playing services, $5 million in Heehaw, and $2 million in neighboring countries. They purchased $6 million worth of soda pop from neighboring countries. Calculate the magnitudes of GNP, GDP, net factor payments from abroad, net exports, and the current account balance.
For most goods and most people, marginal utility probably
a. continues to increase as larger quantities are purchased. b. plummets after the first few units but soon begins to rise. c. declines as consumption increases. d. is negative after the first unit of a good is purchased. e. is positive and rising for most goods.