The key assumption of the Romer model that allows an explanation of sustained growth in output per person is ________
A) technology is nonrivalrous
B) the total amount of labor is fixed
C) some labor is devoted to producing new technology
D) the saving rate is fixed
A
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If income is equally distributed, the Gini ratio is zero
Indicate whether the statement is true or false
If opening up international trade resulted in the U.S. importing ballpoint pens, what would tend to happen to the U.S. price of ballpoint pens? a. The domestic price will fall
b. The domestic price will rise. c. The domestic price will remain constant. d. It is impossible to predict the impact.
Agreeing to iron your roommates shirts while she types up the paper you have written is an example of which of the following:
a. Barter b. Opportunity Cost c. Sunk Cost d. Absolute Advantage
Diseconomies of scale exist over the range of output for which the long-run average cost curve is:
A. constant. B. falling. C. rising. D. subject to diminishing returns.