Firm ABC designs and implements a lower-cost method of producing its product. This is an example of:
A. product innovation.
B. the inverted U-theory.
C. economies of scale.
D. process innovation.
Answer: D
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“Fair” outcomes and “efficient” outcomes are always identical.
Answer the following statement true (T) or false (F)
The concept of mean reversion is defined by
a. the tendency of profits to revert to zero b. the tendency of costs to revert to zero c. the tendency of economic profits to revert to zero d. the tendency of profits to revert to negative
Inflation affects borrowers and lenders differently. After signing a contract with a fixed nominal interest rate, it can be expected that
a. borrowers will hope that prices fall. b. lenders will hope that prices rise. c. lenders will hope that the purchasing power of money will fall. d. borrowers will hope that prices rise.
Refer to the following nonlinear model which relates W to P, Q, and R:W = aPbQcRdThe computer output form the regression analysis is: 
Based on the info above, the estimated value of a is
A. 2.66 B. 12.182 C. 0.916 D. 2.50