New growth theory holds that technology is __________ and that the more resources that go to develop technology, the __________ technology that is produced
A) exogenous; more and better
B) exogenous; less
C) endogenous; more and better
D) endogenous; less
C
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In economic theory, transaction costs refer to
A) fees charged by brokers, traders, or other agents rather than by principals. B) costs attributable to the operations of middlemen. C) costs of arranging and carrying out voluntary exchanges. D) costs of obtaining customers or of marketing a product. E) costs not borne by the persons creating them.
Those hurt by inflation include:
a. labor unions with COLA clauses. b. borrowers. c. savers. d. owners of real estate. e. owners of precious metals, antiques, and works of art.
A price ceiling that is set above the equilibrium price:
A. will have no effect on the market. B. will lead to a black market. C. will lead to excess supply in the market. D. will lead to excess demand in the market.
Suppose that the United States and Italy both produce wine and shoes. In the United States, wine sells for $10 a bottle and shoes sell for $40 a pair. In Italy, wine sells for 15 euros a bottle and shoes sell for 20 euros a pair. If the current exchange rate is 0.8 euro to the dollar, then
A. the United States will import both shoes and wine from Italy. B. Italy will import both shoes and wine from the United States. C. the United States will import shoes from Italy and Italy will import wine from the United States. D. the United States will import wine from Italy and Italy will import shoes from the United States.