In the endogenous growth model presented in the text, an increase in the efficiency of human capital accumulation
A) increases the growth rate of human capital and increases the growth rate of output.
B) increases the growth rate of human capital and decreases the growth rate of output.
C) decreases the growth rate of human capital and increases the growth rate of output.
D) decreases the growth rate of human capital and decreases the growth rate of output.
A
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In the case where a firm gains an advantage from producing more than one product, it is experiencing
A) economies of scale. B) market economies. C) economies of scope. D) increasing returns to scale.
An actor that is committed to making loans to stressed economic actors when market institutions would refuse to do so is called
a. a lender of last resort. b. a hegemon banker. c. an institutional lender. d. a fundamental banker.
Under both perfect competition and monopoly, a firm:
A. faces a perfectly elastic demand curve. B. maximizes profit by setting marginal cost equal to marginal revenue. C. sells at a price equal to the minimum average total cost. D. sells at a price equal to marginal cost.
Suppose the price of steel goes up in the United States. What happens in the market for automobiles that are made of steel?
A. Supply shifts upward and to the left. B. Supply shifts downward and to the right. C. Demand shifts to the right. D. Demand shifts left.