When economists view technological change as internal to the economy, they mean that it:
A. occurs randomly.
B. occurs accidentally.
C. arises deliberately from the profit motive and competition.
D. arises mainly from government subsidies.
Answer: C
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According to the equation of exchange, the
A) quantity of money divided by the inflation rate equals real GDP. B) quantity of money minus the velocity of circulation equals real GDP minus the price level. C) quantity of money multiplied by the velocity of circulation equals nominal GDP. D) velocity of circulation is always smaller than the inflation rate. E) quantity of money multiplied by the inflation rate equals nominal GDP.
Consumers expressed outrage at the high price of chainsaws after Hurricane Andrew hit Florida and Louisiana, with newspaper editorials accusing suppliers of unconscionable price gouging. Use a supply and demand graph to assist in explaining the increase in the price of chain saws after Hurricane Andrew.
What will be an ideal response?
Fill in the blank: According to your textbook authors, ________ is a key condition for competition to occur
A) government regulation of price B) government regulation of output C) preservation of profit D) freedom of entry
Explain the differences between a federal budget deficit, a federal budget surplus, and the federal government debt
What will be an ideal response?