The improvement in the traditional way things are done is the act of
A. research and development.
B. collaboration.
C. invention.
D. innovation.
Answer: D
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The optimal subsidy for private giving to a public good increases as the number of people benefiting from the public good increases.
Answer the following statement true (T) or false (F)
What are the biggest advantages the U.S. has over the EU in terms of being an Optimum Currency Area?
A) low mobility of labor, higher labor productivity, lower level of intra-regional trade B) high unionization of U.S. Labor force C) high mobility of labor force, more transfer payments between regions D) higher uniformity of population's taste in consumption E) more specialized labor force and natural resource advantages
If tastes for foreign goods and services go up, then we would expect imports to:
A. increase. B. decrease. C. remain constant. D. increase and then sharply decrease more.
In evaluating the degree of economic efficiency in a market, we can state that the size of the deadweight loss in a market will be smaller
A) the greater the difference between marginal cost and price. B) the smaller the difference between marginal cost and average total cost. C) the smaller the difference between marginal cost and price. D) the greater the difference between marginal cost and average revenue.