According to new growth theory, economic growth is driven by
A) new ideas.
B) the division of labor.
C) positive externalities.
D) higher birth rates.
A
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Suppose an individual's MRS (of steak for beer) is 2:1 . That is, at the current consumption choices he or she is willing to give up 2 beers to get an extra steak. Suppose also that the price of a steak is $1 and a beer is $4 . Then in order to increase utility the individual should:
a. buy more steak and less beer. b. buy more beer and less steak. c. continue with current consumption plans.
Refer to the diagram. The firm's supply curve is the segment of the:
A. MC curve above its intersection with the AVC curve.
B. MC curve above its intersection with the ATC curve.
C. AVC curve above its intersection with the MC curve.
D. ATC curve above its intersection with the MC curve.
Refer to the above table. Based on cost-benefit analysis, the city should:
a. not build any of these stadiums. b. build stadium E. c. build stadium C. d. build stadium D.
If a business is losing money on the goods it is producing, this indicates that
a. the business is producing the goods at the lowest possible cost. b. the resources used to produce the goods are too expensive and need to be subsidized in order to be used productively. c. the resources would be used more productively producing other things. d. the consumer values the goods highly relative to costs.