Poverty is
A. an absolute, not a relative concept.
B. a relative concept, not an absolute.
C. both an absolute and a relative concept.
D. neither an absolute nor a relative concept.
C. both an absolute and a relative concept.
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The opportunity cost of a movement from point N to J would
A. be the lost production of some capital goods.
B. be the lost production of some consumer goods.
C. be slower economic growth in the future.
D. not involve any sacrifice of either capital or consumer goods.
Refer to Figure 4-3. Kendra's marginal benefit from consuming the third ice cream cone is
A) $13.00. B) $2.50. C) $1.50. D) $0.50.
The economy's demand for loanable funds is not
a. the same as the economy's supply of capital b. downward sloping c. the sum of all individual firms' demands at every interest rate d. the sum of all the firms' marginal revenue product of capital curves e. a function of the rate of interest
There are several conditions that justify limiting imports to ensure the survival of the "infant industry," and to justify government protection. Which of the following is(are) a justification?
I. Knowledge spillovers should be likely. II. Protected firms should have a good chance of moving down along their average cost curves over time to become competitive at world prices. III. Protected firms should have a good chance to reduce future costs and cause their average cost curves to shift downwards. a. I b. II c. I and III d. I, II, and III