What does "R&D" stand for?
A. Revenue and demand
B. Research and design
C. Real and domestic
D. Research and development
Answer: D
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Jose consumes wallets (q1 ) and a composite of other goods (q2 ). The price of wallets is p1 and the price of other goods is p2 = 1
Jose's utility from wallets depends also on his income—with a higher income, he values a wallet more because he has more to put inside it! His utility is given by the equation U(q1,q2 ) = q1Yq2 Derive Jose's demand for wallets.
The most commonly used metric for measuring the value of a national economy is:
A. gross domestic product, or GDP. B. gross national product, or GNP. C. gross national income, or GNI. D. gross domestic income, or GDI.
Recall the Application about the supply of shipping services to answer the following question(s).Recall the Application. As the price per ton of cargo drops low enough that it does not cover the AVC of smaller inefficient ships, then the smaller, more inefficient ships will decide to:
A. shut-down. B. raise the price they charge. C. make up for it by raising their speeds. D. make up for it by accepting more cargo.
Which of the following statements is CORRECT?
A. When the real wage increases, the labor supply curve shifts leftward. B. None of these statements are correct. C. When the real wage decreases, the labor supply curve shifts leftward. D. When the real wage increases, the labor supply curve shifts rightward.