Recall the Application about intellectual property in GDP accounts to answer the following question(s).According to the Application, prior to 2013, firm expenditures on research and development and new artistic work were treated as ________ in our GDP accounts.
A. intermediate inputs
B. investment
C. net exports
D. consumption
Answer: A
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Demand for a product tends to be more elastic the longer the time period considered because
A) sellers have more time to expand production. B) buyers have more time to search for substitutes. C) price increases over time make the price larger relative to buyers' incomes. D) the inverse relationship between the price and the quantity demanded weakens over time. E) buyers get used to the new price.
If the minimum efficient scale in the production of aluminum exceeds the quantity of aluminum any individual siding producer buys, siding producers should integrate backward into aluminum production
a. True b. False
Explain what types of policies a central bank can implement to raise the interest rate
What will be an ideal response?
Along a demand curve, product price and consumer surplus are inversely related.
a. true b. false