Long-run equilibrium is characterized by zero profits in
A. monopolistic competition only.
B. perfect competition only.
C. market structures in which there are barriers to entry.
D. both perfect competition and monopolistic competition.
Answer: D
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For given inputs of labor and capital, if technology is more primitive, labor productivity will be
a. higher. b. lower. c. unchanged. d. characterized by increasing returns to scale.
Which of the following is true of entrepreneurship?
a. Entrepreneurial discovery is an important source of economic growth and higher living standards. b. The role of the entrepreneur is not very important and that is why it is generally not included in economic models. c. The role of entrepreneurial discovery could be easily integrated into economic models, but nonetheless economists choose not to do so. d. Economic models are able to capture fully the important role of the entrepreneur in the market process.
Consider the model: yt= 
0+ 1zt1+ 2zt2 + ut. Under weak dependence,
the condition sufficient for consistency of OLS is:
A. E(zt1|zt2) = 0.
B. E(yt |zt1, zt2) = 0.
C. E(ut |zt1, zt2) = 0.
D. E(ut |zt1, zt2) = 
.
The economic role of government has been growing for _____ decades.
Fill in the blank(s) with the appropriate word(s).