The full-employment level of real GDP is the level which can be produced with:
a. given technology and productive resources
b. frictional and structural unemployment equal to zero.
c. cyclical unemployment equal to zero.
d. both a and b.
e. both a and c.
e
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A positive externality ________
A) gives rise to external benefits B) leads to increasing returns to scale C) imposes an additional cost on the society D) leads to higher economic profit
Microsoft found that instead of producing a dvd player and a gaming system separately, it is cheaper to incorporate dvd playing capabilities in their new version of the gaming system. Microsoft is taking advantage of
a. Economies of Scale b. Learning curve c. Economies of Scope d. Decreasing marginal costs
The concept of the "relevant" market was important in which of the following cases?
A. Standard Oil case of 1911 B. DuPont case of 1956 C. IBM case, which was terminated in 1982 D. U.S. Steel case of 1920
Which of the following is true for a perfectly competitive market in long-run equilibrium?
A. There is no incentive for new firms to enter the market. B. Each firm in the market earns zero economic profit. C. There is no incentive for existing firms to leave the market. D. All of these are correct.