The moving assembly line reduced the amount of time it took to build a Model T from over 12 hours to less than 2 hours. This is an example of
A. productivity-enhancing innovation.
B. a quality-of-life innovation.
C. the creation of new services.
D. the creation of new goods.
Answer: A
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Monopolistically competitive firms must produce where there is an optimal allocation of resources because the firms do not present significant barriers to entry to potential competitors.
Answer the following statement true (T) or false (F)
The graph below represents the market for alfalfa. The equilibrium price is $7.00 per bushel, but the market price is $9.00 per bushel. Identify the areas representing consumer surplus, producer surplus, and deadweight loss at the equilibrium price of
$7.00 and at the market price of $9.00. What will be an ideal response?
With an increase in income, we can predict that a consumer will choose a new market basket
a. on a lower indifference curve. b. on the same indifference curve but the new budget line. c. on a higher indifference curve that passes through the new budget line. d. on a higher indifference curve that is tangent to the new budget line
Empirical tests of the theory of comparative advantage have provided
A) strong support for both the Ricardian and Heckscher-Ohlin models. B) mixed support for the Ricardian model and strong support for the Heckscher-Ohlin model. C) strong support for the Ricardian model and mixed support for the Heckscher-Ohlin model. D) mixed support for both Ricardian and Heckscher-Ohlin models. E) no support for either the Ricardian or the Heckscher-Ohlin models.