Additional economic growth should be pursued when:
A. scarcity exists.
B. new technologies are discovered.
C. the marginal costs of growth are less than the marginal benefits.
D. the marginal costs of growth exceed the marginal benefits.
Answer: C
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In the 1990s, Congress considered an agriculture bill that would gradually reduce price supports for many agricultural products. If the bill were to be approved, what would most likely happen to the number of families employed in agriculture?
A. It would decrease, because agricultural prices would fall. B. It would decrease, because agricultural prices would rise. C. It would increase, because agricultural prices would fall. D. It would increase, because agricultural prices would rise.
A fall in the price of X from $12 to $8 causes an increase in the quantity of Y demanded from 900 to 1,100 units. What is the cross elasticity of demand between X and Y?
A) 0.5 B) -0.5 C) 2 D) -2
Refer to Table 29-3. Given the following exchange rates in the above table, what are the exchange rates stated as U.S. dollars per Danish krone and U.S. dollars per EU euro respectively?
A) 2.00 dollars per krone and 7.14 dollars per euro B) 0.02 dollars per krone and 0.70 dollars per euro C) 0.20 dollars per krone and 1.43 dollars per euro D) 0.05 dollars per krone and 1.30 dollars per euro
A tit-for-tat strategy in a two-firm balanced oligopoly results in
a. A Nash equilibrium b. one firm setting price and announcing that it would match whatever price its rival firm charges c. both firms competing as if the market were perfectly competitive d. both firms colluding to set and maintain relatively high prices e. one firms punishing its rival for setting price above its own