Which of the following is one of the fundamental sources of long-run economic growth?
A. An reduction in local purchasing of the country's exportable products
B. An increase in demand for the country's importable product
C. An improvement in production technologies
D. An expansion of foreign gross domestic product (GDP)
Answer: C
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The above figure depicts the Edgeworth box for two individuals, Al and Bruce. Point c is Pareto efficient because
A) the MRS's are equal. B) the indifference curves are tangent. C) no mutual gains from trade exist. D) All of the above.
If the long-run supply curve in a perfectly competitive industry is upward sloping, this is because
A) firms are different. B) firms are identical. C) input prices rise as the industry expands. D) Either A or C.
Many universities have either a top football program OR a top basketball program. Very few have both. These results suggest the presence of
A) economies of scope. B) diseconomies of scope. C) returns to scale. D) the law of diminishing marginal returns.
Public goods are both rival and nonexclusive
a. True b. False