A key idea of the new growth theory is that
A. technology is not an important determinant of economic growth.
B. the rewards associated with technological advances have little to do with the actual rate of invention or innovation.
C. economic growth is not as important as leisure time growth.
D. the greater the rewards for technological advances, the greater the number of technological advances.
Answer: D
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In long-run competitive equilibrium, a firm that owns factors of production will have an
A) economic profit = $0 and accounting profit > $0. B) economic profit > $0 and accounting profit = $0. C) economic and accounting profit = $0. D) economic and accounting profit > $0. E) economic and accounting profit can take any value.
It seems evident that countries would have an advantage in producing those goods that use relatively large amounts of their most abundant factor of production
a. True b. False Indicate whether the statement is true or false
What are the advantages and disadvantages of resource allocation under monopolistic competition compared to perfect competition?
What will be an ideal response?
When examining the financial status of households, wealth is
A) synonymous with income. B) a flow variable whereas income is a stock variable. C) a stock variable and includes both tangible assets and human capital. D) not as important as income because wealth does not change over time.