Refer to the information provided in Figure 6.8 below to answer the question(s) that follow.
Figure 6.8Refer to Figure 6.8. The total utility of four movies is ________ and the fourth movie's marginal utility is ________.
A. 28; 0
B. 25; 10
C. 28; 3
D. 15; 0
Answer: A
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Explain the concept of "learning by doing" with respect to infant industry protection
What will be an ideal response?
One important reason why the Solow residual may be strongly procyclical even if the actual technology used in production doesn't change is that
A) employment is procyclical. B) resource utilization is procyclical. C) demand shocks are the dominant force determining the business cycle. D) the coefficients (a and 1 - a) on capital and labor in the production function are procyclical.
According to some economists, the protection granted to infant industries should be
a. terminated after one year. b. for new firms that eventually would develop significant economies of scale in their production processes c. restricted to firms that face little competition d. based on current absolute advantage e. permanent