New growth theory emphasizes the importance of all of the following except:
A. technology.
B. positive externalities.
C. learning by doing.
D. diminishing marginal productivity.
Answer: D
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In the long-run, surviving firms in monopolistic competition earn:
a. higher pure economic profits. b. zero pure economic profits. c. below-normal profits. d. substantial economic losses.
The number of Compact Discs purchased by a consumer depends on the price of the discs as well as the prices of all other goods purchased
a. True b. False Indicate whether the statement is true or false
Trade creates value by
a. moving goods from people who value the goods less to people who value the goods more. b. permitting trading partners to expand output through specialization in areas where they each have a comparative advantage. c. permitting trading partners to expand output through the adoption of mass production methods. d. all of the above.
The equation of exchange is an economic theory
Indicate whether the statement is true or false