Which of the following is the term used to describe a country that has demonstrated the ability to catch up to the technology leaders by investing in both physical and human capital?
a. A dependent economy.
b. A converging economy.
c. An advancing economy.
d. A diverging economy.
b. A converging economy.
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Using the standard 45-degree line diagram, how does an increase in investment spending effect the expenditure schedule?
a. It shifts the expenditure schedule downward. b. It shifts the expenditure schedule upward. c. It increases the slope of the expenditure schedule. d. It decreases the slope of the expenditure schedule.
The view that the government budget should always be balanced except in wartime refers to:
A. the Ricardian equivalence. B. fiscal policy. C. public finance. D. sound finance.
Discuss specific firm behavior that reduced the level of competition in an industry. What are the opportunity costs of greater concentration?
What will be an ideal response?
When economic rent exists
A. resources are allocated efficiently. B. the price is equal to the opportunity cost of the resources. C. price is the same as the discount rate. D. resources are allocated inefficiently.