According to new growth theory, technological change is driven by
A) random chance.
B) government policies.
C) foreign firms' attempts to increase their sales in the domestic market.
D) firms' attempts to increase their profit.
D
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One way to avoid the principal-agent problem would be to have:
A. the employee constantly monitor the employer's activities. B. the employer constantly monitor the employee's efforts. C. the employer share all management choices with employees before making decisions. D. the employee sign a waiver of release.
Figure 9-6 shows the marginal cost and average total cost curves for a perfectly competitive firm. This firm will
a.
earn an economic profit
b.
suffer an economic loss in this long-run situation
c.
suffer an economic loss in the short run and close
d.
break even if it expands to 180 units of output
e.
suffer an economic loss and continue producing in the short run
If GDP is revised downward as a result of the revision, the debt-to-GDP ratio will _________; on the other hand, if GDP is revised upward or there is no change, then the ratio will _________.
Fill in the blank(s) with the appropriate word(s).
A perfectly competitive firm's marginal cost curve above the minimum of the average variable cost curve is its:
A. short-run supply curve. B. average cost schedule. C. capacity output schedule. D. total revenue minus total cost schedule.