In the textbook model of endogenous growth, long-run output growth would increase if there were either a ________ in the saving rate or a ________ in the depreciation rate.
A. rise; fall
B. rise; rise
C. fall; fall
D. fall; rise
Answer: A
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The demand for shoes is ___________________ than is the demand for sneakers because __________________.
A. less price elastic; the scope of the market for shoes is less broadly defined B. more price elastic; the scope of the market for shoes is less broadly defined C. less price elastic; the scope of the market for shoes is more broadly defined D. more price elastic; the scope of the market for shoes is more broadly defined
Opportunity cost is best defined as:
a. the sum of all alternatives given up when a choice is made. b. the money spent once a choice is made. c. the highest-valued alternative given up when a choice is made. d. the difference between the cost price and the selling price of a good. e. the cost of capital resources used in the production of additional capital.
Which of the following is a non-price determinant of supply?
A) the price of related goods consumers may buy B) technological advances in production C) consumers' incomes D) the number of consumers
Which one of the following statements is TRUE?
A. It is easy for dead capital resources to be allocated to their best possible use. B. Dead capital is most frequently found in countries with well-defined property rights. C. It is difficult for dead capital resources to be insured or traded. D. Dead capital is most frequently found in the most prosperous countries.