Which of the following economists proposed an international trade model that explains international trade patterns using factor proportions?
A. Eli Heckscher and Bertil Ohlin
B. Paul Krugman and Elhanan Helpman
C. John Maynard Keynes
D. David Ricardo and Adam Smith
Answer: A
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An item has utility for a consumer if it
A) generates enjoyment or satisfaction. B) is scarce. C) is something everyone else wants. D) has a high price.
Which of the following statements is correct with respect to endogenous growth models?
a. Changes in government policy that affect savings and investment rates can increase levels of output in the long-run. b. Changes in government policy that affect savings and investment rates can increase the growth rate of output in the long-run. c. Long-run growth rates are not stationary. d. both a and b. e. all of the above.
Suppose that at the current level of output, price = $12, MC = $4, AVC = $7, and ATC = $11. Which of the following is TRUE?
A) The firm should decrease output. B) The firm should shut down. C) The firm should increase output. D) The firm should maintain the current level of output.
Residential construction in the form of homes and apartment buildings are classified as consumption goods
Indicate whether the statement is true or false