In "real business cycle" theory, as opposed to "traditional business cycle" theory, the govern- ment is viewed as an instrument to correct unevenness in economic growth caused by cycles
Indicate whether the statement is true or false
F
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Perhaps it's not a problem at all, but if "too much choice" is a problem for consumers, it would occur in which market structure(s)?
a. perfect competition b. monopoly c. monopolistic competition d. perfect competition and monopoly e. not enough information
Very few people in Kyle’s country have more than a sixth-grade education. In contrast, 80 percent of the people in Carmen’s country have at least a high school diploma. Based on this information, which statement about these two countries is most likely true?
a. Carmen’s country has limited physical capital. b. Carmen’s country has a higher rate of economic growth than Kyle’s country. c. Kyle’s country has a higher birthrate than Carmen’s country. d. Carmen’s country has higher per capita output than Kyle’s country.
The immigration of skilled scientists and engineers from other nations pushes the supply curve for innovation to the right, increasing the amount of innovation.
Answer the following statement true (T) or false (F)
In the long run, a representative firm in a monopolistic ally competitive industry will end up:
A. Having an elasticity of demand that will be less than it was in the short run B. Having a larger number of competitors than it will in the short run C. Producing a level of output at which marginal cost and price are equal D. Earning a normal profit, but not an economic profit