Which of the following is NOT a feature of monopolistic competition?
A) significant numbers of sellers in a highly competitive market
B) differentiated products
C) sales promotion and advertising
D) inability of firms to enter or exit the market
D
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Gordon states that ________ caused the substantial increase in the standard of living in South Korea relative to that of the Philippines during the period 1960-2010
A) lower unemployment rates B) higher inflation rates C) higher rate of growth in per capita real GDP. D) All of the above
Identify the most likely impact of a decrease in the wealth of consumers in an economy, other things remaining constant
a. A leftward shift of the aggregate supply curve b. A leftward shift of the aggregate demand curve c. An upward movement along the aggregate demand curve d. A downward movement along the aggregate demand curve e. A steeper aggregate supply curve
The typical total-cost curve is U-shaped
a. True b. False Indicate whether the statement is true or false
Many economists now deemphasize capital accumulation as a source of growth because:
A. capital has been defined so narrowly that it has become a less useful concept. B. capital accumulation alone does not necessarily lead to growth. C. capital accumulation no longer affects growth. D. the value of the capital stock no longer depends upon technology and needs of society.