The major source of new scientific knowledge in the United States is:
A. university and government research.
B. R&D work in large corporations.
C. entrepreneurs working alone.
D. purely competitive and monopolistically competitive firms.
Answer: A
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In comparing actively managed mutual funds with those funds that simply buy and hold a large market portfolio (index funds), we would expect that
A) the actively managed funds provide a higher return than the index funds. B) the index funds provide a higher return after expenses than the actively managed funds. C) actively managed funds and index funds provide the same returns. D) index funds provide a lower return than actively managed funds only if taxes are taken into consideration.
A situation in which output decreases while prices increase is often referred to as:
A. inflation. B. negative economic growth. C. a recession. D. stagflation.
The price-leadership model is best applied when there are no dominant firms in a market.
Answer the following statement true (T) or false (F)
If a production function is represented as q = LaKb, the long-run average cost curve will be horizontal as long as
A) a + b = 0. B) a + b = 1. C) q > 0. D) L = K.