If two variables have the same rate of growth over the long run, their ratio will:
A) remain constant over the long run. B) initially decrease and then increase.
C) decrease over the long run. D) increase over the long run.
A
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Which of the following is a normative concept?
a. Nash equilibrium. b. Stackelberg equilibrium. c. Pareto optimality. d. Nash equilibrium, Stackelberg equilibrium, and Pareto optimality are all normative concepts.
During recessions, unemployment ________ while the budget deficit as a percentage of GDP ________
A) increases; increases B) decreases; increases C) decreases; decreases D) increases; decreases
Suppose the rural wage is $1 per day. Urban modern sector employment can be obtained with 5 probability and pays $2 per day
Will there be any rural-urban migration? Explain your reasoning, stating explicitly any simplifying assumptions, and show all work.
Refer to Figure 8.5. If three ovens are produced, average variable costs are A) $166.67. B) $83.33. C) $500. D) $1,500.