The productivity growth rates of poorer countries tend to be ____ than those of richer countries.
A. higher
B. lower
C. increasing slower
D. decreasing faster
Answer: A
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Let's assume Ben can produce 3 units of a material good (M) or 3 units of a spiritual good (S) in a day, while Cal can produce 1 M or 2 Ss in a day. Both Ben and Cal can potentially produce a larger combination of M and S
A) if Ben specializes in S and Cal in M and they exchange with one another. B) if Ben specializes in M and Cal in S and they exchange with one another. C) if Ben specializes in both goods and doesn't exchange with Cal. D) only if Cal finds a way to also produce 3 M and 3 S per day.
What is the relationship between the value of marginal product of labor and the marginal product of labor?
What will be an ideal response?
An oligopolist cannot use the MR = MC rule to find its equilibrium output level because
a. oligopolists do not face stable demand curves for their output b. oligopolists do not try to maximize profits in the long run c. it is too difficult to estimate marginal cost d. the rule applies only in perfect competition e. the minimum efficient scale exceeds total quantity demanded
Air-traffic controllers get paid high wages given their level of education. They also get frequent breaks and may only work a few days a week. Which of the following could explain their high wage?
a. the long breaks and limited work days b. the stress they face c. the comparatively low level of education required d. All of the above are correct.