Small differences in growth rates of real GDP per person over the long run make ______ differences in the average standard of living.
A. almost no
B. unpredictable
C. very large
D. very minor
Ans: C. very large
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Oligopolists often sacrifice economies of scale as they expand product variety
a. True b. False
Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours= 1 lb Lbs produced in 24hrs Pork. Tomatoes. Pork. Tomatoes F. 6. 3. 4. 8 R. 4. 4. 6. 6
Refer to Table 3-23. The opportunity cost of 1 pound of pork for the farmer is
a) 1/2 pounds of tomatoes
b) 1/2 hour of labor
c) 2 pounds of tomatoes
d) 2 hours of labor
Which of following is the best example of a monopoly if we use a broader definition of monopoly?
A) Santos Tacos, the only taqueria in the small town of Santosville B) Cheap Gas, one of two gasoline stations in a large rural community C) Spuds McKenzie, a wealthy potato farmer in Idaho D) Zippie Rentals, a sports car rental service in the downtown Boston area
To decide whether the slope coefficient indicates a "large" effect of X on Y, you look at the
A) size of the slope coefficient B) regression R2 C) economic importance implied by the slope coefficient D) value of the intercept