Poor health in developing countries encourages economic growth because working is a matter of life and death
a. True
b. False
Indicate whether the statement is true or false
False
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Prohibiting price increases in situations of true scarcity could best be described as
a. interfering with the "law" of supply and demand. b. thwarting the "law" of increasing returns to scale. c. violating the "law" of increasing cost. d. interfering with the "law" of diminishing marginal utility.
If economic resources are perfectly interchangeable between the two products shown on a production possibilities graph:
A. The economy will always be at full employment B. More of one product can be produced without producing less of the other product C. The production possibilities curve would be a straight line D. The two products are of equal value to the economy
If sellers compete against buyers, then
A) sellers would prefer to face more buyers in the market. B) sellers would prefer to face fewer buyers in the market. C) buyers would prefer to face fewer sellers in the market. D) buyers would prefer to face more sellers in the market. E) both B and C are true.
Determine the output expansion path (equation) for a Cobb-Douglas production function f(L,K) = 10LaK1-a. How does the shape of the output expansion path change as "a" changes?
What will be an ideal response?