We refer to the whole class of goods that firms will ________ in a completely unregulated market economy as public goods.
A. underproduce
B. overproduce
C. not produce at all
D. Both A and C are correct.
Answer: D
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Governments grant patents to encourage
A) low prices. B) firms to form public enterprises. C) research and development on new products. D) competition.
A seasonal binary (or indicator or dummy) variable, in the case of monthly data,
A) is a binary variable that take on the value of 1 for a given month and is 0 otherwise. B) is a variable that has values of 1 to 12 in a given year. C) is a variable that contains 1s during a given year and is 0 otherwise. D) does not exist, since a month is not a season.
Factor demand is based on
A. marginal productivity theory. B. the law of supply. C. game theory. D. the principle of economies of scale.
The disastrous famine in North Korea was the result, in great part, of the government's efforts to develop
a. new trade bloc b. stronger military c. market economy d. large middle class