Differences in the stock of technology between nations are an example of a(n):
A) proximate cause of prosperity. B) implicit cause of prosperity.
C) explicit cause of prosperity. D) fundamental cause of prosperity.
A
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Use the following table to answer the question below. Dave's Production Possibilities ScheduleSimon's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160080201204060408080406040120208001600Assume Dave consumes 40 pounds of green beans and 80 pounds of corn without trade. Also, assume that Simon consumes 80 pounds of green beans and 40 pounds of corn without trade. Suppose Simon and Dave specialize and that the terms of trade are 1 pound of green beans for 1 pound of corn. If Simon sells Dave 80 pounds of green beans, then the gains from trade for Simon are ________ pounds of green beans and ________ pounds of corn with trade and specialization.
A. 0, 40 B. 40, 0 C. 20, 20 D. 40, 40
"The marginal social cost of burning garbage in Houston is the sum of the marginal private cost and the marginal external cost." Is this assertion correct or incorrect?
What will be an ideal response?
Refer to Scenario 18.1. Which of the following is TRUE?
A) The factory will never agree to B, because that would leave them with much less profit than the fishermen. B) C will never occur because that would leave the fishermen with much less profit than the factory. C) If the factory refused to install a filter, the fishermen would refuse to install a treatment plant. D) The factory must install a filter, because they contaminate the water. E) The profits above indicate profit before any agreement is made, and profit varies enough to make a mutually acceptable agreement possible.
Suppose the income elasticity of demand for a private college education is equal to 1.5 . This means that
a. every $1 increase in income provides an incentive for a $1.50 increase in expenditures on private college education b. every $1.50 increase in income provides an incentive for a $1 increase in expenditures on private college education c. a 10 percent increase in income causes a 15 percent increase in the demand for a private college education d. a 15 percent increase in income causes a 10 percent increase in the demand for a private college education e. a 10 percent decrease in private college tuition will have a large enough income effect to increase spending on private college education by 15 percent