Neoclassical growth theory placed emphasis on two resources:
A) capital and entrepreneurship.
B) natural resources and capital.
C) capital and labor.
D) labor and entrepreneurship.
E) labor and natural resources.
C
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What is the difference between macroeconomics and microeconomics? Give an example of a question that a macroeconomist might be interested in answering, then do the same for a microeconomist
There are 100 residents in the City of Mos Eisley. Each resident's willingness to pay for an additional acre of parkland (P) depends on the number of acres the City already has (Q), and is given by P = 20 - 0.10Q. If parkland is a public good, and the cost of each acre of parkland is constant and equal to $500, then what's the socially optimal number of acres of parkland in Mos Eisley?
A. 0 acres B. 185 acres C. 150 acres D. 520 acres
If the price elasticity of demand for U.S. automobiles is higher in Europe than it is in China, and transport costs are zero, a price-discriminating monopolist would charge
A) the same price for autos in China as in Europe. B) a lower price for autos in China than in Europe. C) a higher price for autos in China than in Europe. D) a less profitable price for autos in China than in Europe.
Assume that Janet is risk-averse. Which of the following bets is she more likely to accept, depending on the degree of risk aversion?
A. win $20 one-fourth of the times, win $10 one-fourth of the times, and lose $20 one-fourth of the times B. win $20 one-fourth of the times, win $10 one-half of the times, and lose $20 one-fourth of the times C. win $40 one-fourth of the times, break even one-half of the times, and lose $40 one-fourth of the times D. win $40 one-fourth of the times, win $10 one-half of the times, and lose $40 one-fourth of the times