Political creative destruction:
A) is likely to hamper the ruling government in an economy with inclusive institutions.
B) leads to losses of all economic agents.
C) leads to the benefit of all economic agents.
D) is likely to adversely affect the ruling government in an economy with extractive institutions.
D
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Refer to Figure 5-8. Suppose the emissions reduction target is currently established at 8 million tons. What is the area that represents the cost of eliminating an additional 1 million tons?
A) A + B B) A + B + C C) B + C D) A
Refer to Figure 10.1. If the monopolist is not regulated, the price will be set at ________
A) P1 B) P2 C) P3 D) P4 E) none of the above
In a monopolistically competitive industry, the competitive element results from ____ and the monopoly element results from ____. a. product differentiation; substantial barriers to entry
b. a large number of firms and free entry; product differentiation. c. advertising; product differentiation. d. product differentiation; the small number of large producers.
The rate of productivity growth is the primary determinant of an economy’s rate of _________ economic growth and higher wages.
a. long-term b. short-term c. immediate d. historic