Refer to the information provided in Figure 2.3 below to answer the question(s) that follow.
Figure 2.3Refer to Figure 2.3. The law of ________ opportunity costs is best depicted by the production possibilities frontier in Panel A.
A. increasing
B. constant
C. decreasing
D. zero
Answer: A
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The less bowed the Lorenz Curve, the
A. less equal the income distribution. B. more equal the income distribution. C. greater the number of high-income people. D. greater the number of low-income people.
The case of New Zealand, described in the text, asks what question about the country's international debt position?
What will be an ideal response?
If productivity is growing at some sustained rate g, then output and capital per worker ________
A) are growing at the same rate g, in a stable steady state B) are growing faster than g, because improving technology encourages a higher rate of saving and investment C) are growing slower than g, because some of the new capital is merely replacing obsolete capital D) are growing faster than g, because productivity does not suffer from diminishing marginal product
Tariff revenues are an important generator of revenue in less-developed countries
a. True b. False