What name is given to the plant and equipment used by firms in production?
A. Production function
B. Physical capital
C. Productivity
D. Aggregate production function
Ans: B. Physical capital
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Why are generic pharmaceuticals significantly cheaper than name brand ones?
A.Generic pharmaceuticals are not protected by patent law, B.Brand name pharmaceuticals are not protected by patent law, C.The government allows knockoffs of patent-protected medicines in some cases. D.Generic pharmaceuticals are made by foreign companies that have lower costs.
During recessions, unemployment insurance payments tend to rise
a. True b. False Indicate whether the statement is true or false
As aggregate output rises, the demand for money ________ and the interest rate ________, so that money demanded equals money supplied and the money market is in equilibrium
A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls
Which of the following is true of a perfectly competitive market?
a. If economic profits are earned then the price will fall over time. b. In long-run equilibrium P = MR = SRMC = SRATC = LRAC. c. A constant-cost industry exists when the entry of new firms has no effect on their cost curves. d. All of these.