What is the meaning of "a defective telescopic faculty," as described by A.C. Pigou?
a. Persons are unable to plan rationally for consumption.
b. Persons zero in on something and cannot consider alternatives.
c. Persons seek long-term goals and ignore present problems.
d. Persons are unable to give adequate weight to the future.
d
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Which of the following items is not a factor of production?
A. An oil rig in the Gulf of Mexico B. A ski jump in Utah C. A bank loan to a farmer D. An orange grove in Florida
Suppose there are four firms in an industry. The market shares of the four firms are 5 percent, 20 percent, 35 percent, and 40 percent. The Herfindahl-Hirschman index for that industry is
A) 6,650. B) 3,250. C) 1,250. D) 100.
For a given price level, a downward shift of the expenditures schedule corresponds to an
a. inward shift of the aggregate demand curve. b. outward shift of the aggregate demand curve. c. outward shift of the aggregate supply curve. d. inward shift of the aggregate supply curve.
Which of the following would NOT be expected to increase labor productivity?
A. Technological advance B. The acquisition of more education and training by the labor force C. An increase in the size of the labor force D. The realization of economies of scale