Technology is best defined as
A) society's stock of applied knowledge concerning the production of goods and services.
B) the maximum output that can be obtained from a stock of physical capital.
C) output inside the production possibilities curve.
D) movement along the production possibilities curve.
Answer: A
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Which of the following statements describes the presence of diminishing returns? All else equal,
a. Marginal product curve is constant b. Marginal product curve is falling and negative c. Marginal product curve is positive and rising d. Marginal product curve is positive and falling
When entry barriers into a market are high,
a. a monopolist will always be able to make an economic profit. b. rival firms will enter and drive price down to the level of per-unit costs if the firms in the market are making economic profit. c. entry into the market will not take place, at least not quickly, even if the firms currently in the market are making economic profits. d. the producers in the market will have little or no incentive to produce efficiently (at a low cost).
The Kahneman-Tversky value function is
A. not defined over changes in income or wealth. B. steeper in gains than in losses. C. steeper in losses than in gains. D. a symmetrical utility function for gains and losses.
Most economists and policymakers decided in 2007–2010 that reducing unemployment was the main national priority.
Answer the following statement true (T) or false (F)