Process innovation can be depicted as:
A. an upward shift in a firm's total product curve.
B. an upward shift in a firm's marginal cost curve.
C. a downward shift in a firm's marginal revenue curve.
D. an increase in product demand.
Answer: A
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Gross private domestic investment
a. excludes all investment in the United States by foreign firms b. includes all capital in the United States c. includes net additions to the capital stock plus all new corporate stocks and bonds d. includes expenditures on new factories, tools, and machinery e. excludes the expenditures on residential structures and the cost of changes in inventories
Suppose the federal excise tax rate on gasoline is increased by 50 percent. Which of the following is the most likely impact on the tax revenue derived from the federal gas tax?
a. Tax revenues will increase by less than 50 percent. b. Tax revenues will increase by 50 percent. c. Tax revenues will increase by more than 50 percent. d. The revenue from the gasoline tax will go to zero.
A vertical long-run aggregate supply curve indicates that
a. an increase in the price level will not expand an economy's output capacity in the long run. b. outputs greater than the long-run supply constraint cannot be achieved. c. an increase in the price level will permit the economy to achieve a higher level of output. d. an increase in the price level will promote technological change and more rapid economic growth.
What was the total for imports of goods in 2017?
a. -$2,361 billion b. -$1,183 billion c. $1,553 billion d. $1,537 billion