Economic development encompasses which of the following measures?
a. The political environment
b. All of the answers are correct.
c. Education
d. Economic growth
b
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Which of the following is a primary difference between price takers and price searchers that operate in markets with low barriers to entry?
a. The price searchers will maximize profits in the short run, but price takers will not. Price takers can only maximize profits in the long run. b. The price searchers will have to search for the price, while price takers will have to take the price determined in the market. c. The price searchers will be able to earn profit in the long run, but the price takers will not. d. The price searchers may be able to earn profit in the short run, but the price takers will not be able to do so.
Refer to the information provided in Table 14.3 below to answer the question that follows. Table 14.3B's Strategy ?AdvertiseDon't Advertise??A's profit $75 millionA's profit $200 million?AdvertiseB's profit $75 millionB's profit $50 millionA's Strategy????Don'tA's profit $50 millionA's profit $100 million?AdvertiseB's profit $200 millionB's profit $100 millionRefer to Table 14.3. The result of this game is a prisoners' dilemma. In which of the following cases is it most likely that the firms will be able to overcome the prisoners' dilemma?
A. government intervention B. when both firms follow a maximin strategy C. repeated play D. a single interaction
If the MPC is 0.6 and if government purchases and net taxes both increase by $20 billion, by how much will equilibrium output change?
a. It will increase by $80 billion. b. It will increase by $20 billion. c. It will not change because the changes in government purchases and net taxes will cancel each other out. d. It will decrease by $20 billion. e. It will decrease by $80 billion.
If a nation wants to get the most out of its resources, each productive assignment should be carried out by those persons who
A) least enjoy performing the productive activity. B) can complete the productive activity most rapidly. C) have a comparative advantage in the productive activity. D) have the highest opportunity cost.