The thing or things that a company does better than its competitors is called its
A) comparative advantage
B) absolute advantage
C) core competency
D) positive externality
C
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If consumers suddenly decide they no longer want to purchase hybrid vehicles, the price of hybrid vehicles will likely ________ and producers will ________ production
A) increase; decrease B) increase; increase C) decrease; decrease D) decrease; increase
The Fed can determine how the money demand curve has shifted by
a. studying interest rate changes b. looking at the number of new loans c. studying unemployment compensation claims d. experimenting with changes in credit conditions e. checking the size of the federal budget deficit
Which of the following is not one of the three pillars of productivity growth?
A. Rate of capacity utilization B. Rate of technological improvement C. Rate of improvement in workforce quality D. Rate of capital expansion
In economics, how long is the long run?
A) more than one year B) 24 months or longer C) 5 years or more D) whatever time it takes a firm to vary all inputs