Which of the following will contribute to accelerated growth for the U.S. economy?
A. A decrease in factor mobility.
B. A decrease in government involvement in copyright laws.
C. A decrease in tax credits for research and development.
D. Increased use of outsourcing for inputs and increased use of comparative advantage for trade in final goods and services.
Answer: D
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Which of the following decreases the supply of restaurant meals?
A) Waiters get a pay raise. B) Consumers' incomes increase and restaurant meals are a normal good. C) Consumers' incomes decrease and restaurant meals are a normal good. D) The price of movies, a complement to restaurant meals, falls.
If a firm is hiring a certain type of labor under purely competitive conditions:
A. its labor demand curve will be perfectly elastic at the market-determined wage rate. B. the labor supply curve will lie above the marginal labor cost curve. C. the labor supply and marginal labor (resource) cost curves will coincide and be upsloping. D. the labor supply and marginal labor (resource) cost curves will coincide and be perfectly elastic.
In the standard model of pure competition, a profit-maximizing firm will shut down in the short run if price is below:
A. Marginal cost B. Average cost C. Average fixed cost D. Average variable cost
Tax expenditures are revenues that
A. are always recouped during tax season. B. only apply to large corporations. C. are needed to get full exemptions. D. are forgone due to preferential tax treatment.