Private costs are:
a. the full resource costs of an economic activity.
b. always less than social costs.
c. the costs of an economic activity borne by the producer.
d. all of these.
c
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MPK falls when production becomes more ________-intensive, meaning a ________ in v* and a ________ in net investment
A) labor, fall, fall B) labor, fall, rise C) labor, rise, fall D) capital, rise, rise E) capital, fall, fall
According to your text, which of the following countries has experienced the highest annual per capita Gross Domestic Product (GDP) growth rate since 1970?
A) China B) Japan C) Germany D) United States
The definition of a model is a:
a. description of all variables affecting a situation. b. positive analysis of all variables affecting an event. c. simplified description of reality to understand and predict an economic event. d. data adjusted for rational action.
The opportunity set contains:
a. a single combination of consumption that someone can afford given the prices of goods and the individual’s income. b. all possible combinations of consumption that someone can afford given the prices of goods regardless of the individual’s income. c. all possible combinations of consumption that someone can afford given the prices of goods and the individual’s income. d. a single combination of consumption that someone can afford given the prices of goods regardless of the individual’s income.