Of the new drugs introduced in the United States between 1940 and 1990, what percentage were discovered by U.S. firms?
a. 15.
b. 30.
c. 45.
d. 60
e. 75
D
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Answer the following statement(s) true (T) or false (F)
1. The major reason education leads to higher wages is due to signaling. 2. Attending college can be seen as an individual’s attempt to raise their level of human capital. 3. Since mowing ones lawn is not done at their workplace, it is viewed as a use of their leisure time and thus (somewhat paradoxically) falls into the category of leisure. 4. One deficiency of labor-leisure indifference curve analysis is that because indifference curves are always tangent to the worker’s budget line, the model can not explain why some people choose not to work. 5. A firm’s marginal revenue product of labor equals the marginal product of labor times the cost per unit of the labor.
Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
The figure above shows the market for steel, the production of which creates pollution
a. What point represents the equilibrium price and what point represents the equilibrium quantity in an unregulated, competitive market? b. What area represents the deadweight loss of the unregulated, competitive market outcome? c. What point represents the efficient quantity? d. If the output level in part (c) was achieved through the use of a government imposed tax, what price would consumers pay? What price would the producers receive? What distance represents the amount of the tax? e. If government successfully uses marketable permits to eliminate the external cost, what point represents how much output would be produced?
If an individual redeems a U.S. savings bond for currency
A) M1 stays the same and M2 decreases. B) M1 increases and M2 increases. C) M1 increases and M2 stays the same. D) M1 stays the same and M2 stays the same.