The development of a new good or a new process for making a good is called
A) an innovation. B) a service.
C) a factor of production. D) an invention.
D
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Refer to the scenario above. If Molly wins the auction by using her optimal bidding strategy, she will earn a surplus of ________
A) $0 B) $50 C) $14 D) $25
A monopolistically competitive firm is similar to
A) a monopoly in the short run because it can make an economic profit in the short run and is similar to a perfectly competitive firm in the long run because it cannot make a positive economic profit. B) a perfectly competitive firm in the short run because it cannot make an economic profit in the short run and is similar to a monopoly in the long run because it can make an economic profit. C) a monopoly because it can make an economic profit in both the short run and long run. D) a perfectly competitive firm because its economic profit is equal to zero in both the short run and long run.
A major objective of tax policy should be to
a. avoid distortions in resource allocation while raising revenue b. divert savings from the private to the public sector c. increase the government's ability to direct the economy d. supplement resources entering the country from foreign aid e. all of the above
Which of the following is the formula for the growth rate of multifactor productivity written so that the first term in the equation represents the growth rate of labor productivity?
A) y + bk + (1 - b)n B) y = a + bk + (1 - b)n C) a = y - bk - (1 - b)n D) a = (y - n) - b(k - n)