Endogenous growth theory rejects the assumption of exogenous
a. production functions.
b. knowledge.
c. technology.
d. both b and c.
d. all of the above.
D
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Real GDP decreases during
A) the movement from trough to peak. B) the movement from below potential GDP back to potential GDP. C) the movement from peak to trough. D) a decrease in unemployment.
For a perfectly competitive firm, at the profit-maximizing output average revenue equals marginal cost
Indicate whether the statement is true or false
A general policy of imposing trade restrictions is called
a. protectionism b. import substitution c. quantitative restrictions d. effective protection e. all of the above
According to the graph shown, if this were depicting an autarky economy, the amount being bought domestically is:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. 45 at $11 each.
B. 45 at $23 each.
C. 85 at $16 each.
D. 120 at $23 each.