According to this Application, Professor Gordon is ________ about future economic growth in the United States and he predicts a ________ increase during this century
A) optimistic; small B) pessimistic; large C) pessimistic; small D) optimistic; large
C
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Perhaps the most compelling argument against the redistribution of income is that __________.
a. it does not work b. it is unfair c. we cannot afford it
One reason that a large share of the trade between high-income industrial economies is intraindustry trade is because
A) it is more advantageous than interindustry trade. B) high-income industrial economies produce in the first stage of the product cycle. C) high-income industrial economies are wealthier than developing countries. D) high-income industrial economies have dissimilar resource endowments in absolute terms. E) it allows firms to take advantage of internal economies of scale.
Suppose that total expenditures for coffee reach a maximum at a price of $5 per pound. At this price, the demand for coffee is:
A. elastic. B. perfectly inelastic. C. unit elastic. D. inelastic.
?If a positive externality results from the consumption of higher education, then the marginal benefit students receive from education:
a. equals the marginal social benefit
b. is less than the marginal social benefit.
c. includes the marginal external benefit.
d. exceeds the marginal social benefit.