Fill in the Marginal Output column.
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Individuals face scarcity; whole societies do not.
Answer the following statement true (T) or false (F)
Neoclassical growth theory proposes that
A) technological progress increases the population growth rate and drives down real wages. B) real GDP per person grows because technological change increases profit opportunities. C) real GDP growth is caused by growth in the population. D) discoveries result from choices that increase profits.
Describe the crisis in Russia starting from 1989. Explain why?
What will be an ideal response?
Which is a required characteristic of a perfectly competitive industry?
A) There are few firms so that none can influence market price. B) Products are highly differentiated. C) Barriers to entry are high. D) None of the above