Which choice below is an argument that more technological change occurs in more competitive market structures?
A. Oligopolistic firms earn the profits to pay for research; competitive firms do not.
B. Most large, oligopolistic firms such as AT&T have done a great deal of research.
C. The "high-tech revolution" grew out of many tiny start-up operations.
D. Small firms are too "lean and mean" to support any research and development.
Answer: C
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According to the World Bank, in 2006, China's GDP was approximately $2.7 trillion (or $2,700 billion). That same year, India's GDP was approximately $906.3 billion
With which of the following populations would China's standard of living have been considered higher than India's that year? A) China's population = 500 million; India's population = 125 million B) China's population = 8.3 billion; India's population = 1.1 billion C) China's population = 1.3 billion; India's population = 1.1 billion D) China's population = 3.5 billion; India's population = 1.1 billion
Suppose the price of rice increases and you view rice as an inferior good. The substitution effect results in a ________ change in rice consumption, and the income effect leads to a ________ change in rice consumption
A) positive, positive B) positive, negative C) negative, positive D) negative, negative
The United States is capable of producing many goods and services that it imports, but it does not because
A. We have lost those skilled workers. B. We can export goods that we specialize in. C. We produce those goods more cheaply if we make them ourselves. D. We can import those goods at a lower opportunity cost than if we make them ourselves.
In a perfectly competitive industry, an individual firm faces
A) a perfectly inelastic labor supply curve. B) a perfectly vertical labor supply curve. C) a perfectly elastic labor supply curve. D) none of the above.