Which of the following restricts the volume of international trade?
What will be an ideal response?
quotas
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The price elasticity of demand for an exhaustible natural resource tends to
A. fall over time because extraction costs rise over time. B. stay constant over time because the resource’s price rises at a constant rate. C. rise over time because the resource’s rising price stimulates conservation and the development of substitutes. D. rise over time because resource extraction tends to become more efficient over time.
Refer to Figure 2-6. If the economy is currently producing at point C, what is the opportunity cost of moving to point B?
A) 13 thousand hammers B) 30 thousand wrenches C) 23 thousand hammers D) 10 thousand wrenches
For the measure of fit in your regression model with a binary dependent variable, you can meaningfully use the
A) pseudo R2. B) size of the regression coefficients. C) standard error of the regression. D) regression R2.
The convergence theory is also known as:
A. the catch-up effect. B. Say's law. C. the income effect. D. Moore's law.