The real rate of interest measures the ________ of capital investment.
A. marginal benefit
B. value of the marginal product
C. relative price
D. opportunity cost
Answer: D
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The silverware industry has been in serious decline since the 1980s. Family dining habits are less formal so people purchase less silverware. More recently, the price of silver jumped from $5 to $20 per ounce. Which graph in Figure 4-12 best illustrates these developments?
A. 1 B. 2 C. 3 D. 4
The more restrictive affirmative action programs are,
A) the greater the likelihood of the economic pie shrinking. B) the lower the administrative costs of administering the program. C) the larger the wage gap tends to get. D) the greater the amount of labor market discrimination.
The Ricardian model attributes the gains from trade associated with the principle of comparative advantage result to
A) differences in technology. B) differences in preferences. C) differences in labor productivity. D) differences in resources. E) gravity relationships among countries.
In the production function for new ideas and technology in ________, a decrease in the labor force will ________ the growth rate of technological change
A) the AK growth models; decrease B) the AK growth models; increase C) the two-sector growth model; decrease D) the two-sector growth model; increase