The economic development strategy aimed at exporting domestically manufactured goods is called a(n):
a. replacement strategy.
b. market-oriented strategy.
c. inward-oriented strategy.
d. outward-oriented strategy.
e. future-oriented strategy.
d
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The slope of the budget constraint:
A) changes as the marginal rate of substitution changes. B) is the ratio of the prices of the two goods. C) is the ratio of the budget to total utility. D) equals one, since the consumer can purchase any combination along the budget constraint.
Labor-augmenting technological advances increase the marginal productivity of labor
a. True b. False Indicate whether the statement is true or false
A simple linear demand function may be stated as Q = a - bP + cI where Q is quantity demanded, P is the product price, and I is consumer income. To compute an appropriate value for c, we can use observed values for Q and I and then set the estimated income elasticity of demand equal to:
A. c(Q/I). B. -b(I/Q). C. Q/(cI). D. c(I/Q).
A monopoly is the single supplier of a product with no ______.
a. established price b. limit to supply c. barriers to entry d. close substitutes