Computing capacity has approximately:
A. tripled every three years since the invention of computers.
B. doubled every five years since the invention of computers.
C. tripled every two years since the invention of computers.
D. doubled every two years since the invention of computers.
Answer: D
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An increase in wealth ________ saving supply, and the supply of loanable funds curve ________
A) does not change; does not shift B) decreases; shifts rightward C) increases; shifts rightward D) increases; shifts leftward E) decreases; shifts leftward
A Minnesota snowmobile dealer lowers its prices in February by 16 percent and the quantity demanded increases by 2 percent. Thus the demand for snowmobiles from this dealer is ________ and the dealer's total revenue will ________
A) elastic; increase B) elastic; decrease C) inelastic; increase D) inelastic; decrease E) unit elastic; decrease
Product differentiation in monopolistically competitive markets implies that: a. firms make economic profits in the long run
b. firms will produce at the minimum of the average total cost curve in the long run. c. individual firms face downward-sloping demand curves. d. firms are certain to earn economic profits in the short run.
The higher the reservation wage, the more likely one is to be unemployed.
Answer the following statement true (T) or false (F)