As new firms enter a monopolistically competitive market, product differentiation becomes less pronounced
Indicate whether the statement is true or false
T
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In the endogenous growth model presented in the text, an increase in the fraction of time accumulating human capital
A) increases the growth rate of human capital and increases the growth rate of output. B) increases the growth rate of human capital and decreases the growth rate of output. C) decreases the growth rate of human capital and increases the growth rate of output. D) decreases the growth rate of human capital and decreases the growth rate of output.
Suppose an oil cartel has an agreement to restrict members' production in order to maintain a price of $30 per barrel. A single cartel member may want to cheat and exceed its quota so that it can:
a. reduce its costs. b. charge higher prices. c. make demand more inelastic. d. earn a bigger profit.
Compared to college tuition, the prices of automobiles in the United States have
a. fallen. b. risen. c. stayed the same. d. risen at the same rate as the CPI.
If real GDP per capita measured in 2009 dollars was $6,000 in 1950 and $48,000 in 2018, we would say that in 2018, the average American could buy ________ times as many goods and services as the average American in 1950
A) 1/8 B) 4 C) 8 D) 12