In the modern economic growth process, it is typical to find that:
A. Leader countries continue to grow faster than follower countries
B. Follower countries can grow faster than leader countries
C. Large countries cannot grow faster than leader countries
D. The gap between the leader countries and the follower countries stays constant
B. Follower countries can grow faster than leader countries
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In which of the following countries do elective medical procedures generally receive lower priority, often resulting in longer waiting times than are common under more privately-funded systems?
A) Japan and the United States B) Japan and Canada C) Canada and the United Kingdom D) the United Kingdom and the United States
Albro Martin and the text contend that the work of the Interstate Commerce Commission was largely for the benefit of _________
a. consumers b. the environment c. the federal government d. major shippers
What is the term used to describe total revenues minus total explicit costs?
a. marginal benefits b. economic profits c. accounting profits d. marginal costs
At the level of output where marginal revenue equals marginal cost, assume that the price of a competitive firm's product is between the firm's average total cost curve and its average variable cost curve. In this case the firm would
A. decrease output to reduce the costs. B. continue to operate in the short run. C. shut down. D. increase output to increase profit.