Computerization of the business world since the 1980s and the development of the Internet in the 1990s
A. created more perfectly competitive firms.
B. brought businesses closer to a state of perfect knowledge.
C. created perfect mobility among resources thus making all businesses closer to the state of perfect competition.
D. has made products more identical.
B. brought businesses closer to a state of perfect knowledge.
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Collaborative research is especially important in high-technology sectors because a single firm might not have the resources to develop a significant innovation.
Answer the following statement true (T) or false (F)
In long-run equilibrium, employment is at full employment and unemployment is at the natural rate of unemployment
a. True b. False Indicate whether the statement is true or false
A movement up along a short run Phillips Curve to an unemployment rate below the natural rate of unemployment will tend to shift the Phillips Curve up, once expectations adjust; a movement down along a short run Phillips Curve to an unemployment rate above the natural rate of unemployment will tend to shift the Phillips Curve down once expectations adjust
a. True b. False Indicate whether the statement is true or false
With regard to international trade,
A. Some countries do not have a comparative advantage in producing anything. B. The market mechanism determines the terms of trade. C. Rich countries benefit at the expense of poor countries. D. The production possibilities exceed the consumption possibilities.