Refer to the information provided in Figure 1.4 below to answer the question(s) that follow.
Figure 1.4Refer to Figure 1.4. Panel D shows a curve which has a slope that is
A. zero throughout.
B. first negative and then positive.
C. first positive and then negative.
D. infinite throughout.
Answer: D
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What does it mean to say that a good generates network externalities?
What will be an ideal response?
To what phenomenon does "Solow's Paradox" refer?
A) the failure of the Solow growth model to incorporate endogenous growth variables B) the absence of any measured effect of new computer technology on productivity statistics. C) the absence of any long term effect of saving on economic growth rates in the Solow growth model D) the failure of the Solow growth model to predict non-convergence of poor countries
The U.S. system of property rights
(a) is strictly private. (b) is influenced by a mix of private and public forces. (c) does not permit governmental seizure of property under any circumstances. (d) does not permit the government to seize earned income through taxation.
If no resources had a comparative advantage in the production of any good, the production possibility curve would be:
A. bowed inward. B. a downward-sloping straight line. C. a horizontal line. D. bowed outward.