All growth theory today is "new growth theory" because it considers a broad framework that includes technological progress
Indicate whether the statement is true or false
TRUE
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What does monopolistic competition have in common with perfect competition?
A) a large number of firms and freedom of entry and exit B) a standardized product C) product differentiation D) the ability to earn an economic profit in the long run E) barriers to exit but no barriers to entry
If Bella's Pizza, a local pizzeria, purchases canned tomatoes from a grocery store to make their pizza sauce, this is an example of ________.
A) forward integration B) backward integration C) outsourcing D) using a spot market
A lump-sum tax:
A. takes the same percentage of taxes from income from all taxpayers. B. requires those with low incomes to pay a smaller percentage of their income than high-income people. C. is levied so that low-income taxpayers pay a greater proportion of their income toward taxes than high-income taxpayers. D. taxes everyone the same amount, regardless of their income.
Answer the following questions true (T) or false (F)
1. Non-price competition refers to actions that attempt to increase the demand for a product or service via product differentiation. 2. Barriers to entry are more likely to be stronger under monopolistic competition than under an oligopoly. 3. The U.S food and fiber system is one of the least regulated industries in the economy.