Which of the following is NOT a key principle of economics?
A) Optimization
B) Equilibrium
C) Empiricism
D) Substitution
D
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Firms are much more likely to provide non-excludable public goods than excludable public goods. ?
Answer the following statement true (T) or false (F)
Which type of unemployment is a permanent and healthy phenomenon in a dynamic economy?
A) cyclical B) avoidable C) structural D) frictional E) unavoidable
In the neoclassical growth model, if two countries are exactly the same but one has a lower permanent budget deficit, we would expect that country to have
a. higher output, a higher capital-to-labor ratio, and higher output growth in the steady state. b. the same output and capital-to-labor ratio, but higher output growth in the steady state. c. higher output, the same capital-to-labor ratio, and the same output growth in the steady state. d. higher output, a higher capital-to-labor ratio, and the same output growth in the steady state.
In the long run, it is in the best interests of a member of a cartel to: a. decrease the price of its output
b. increase the level of its output. c. maintain the same quality of output. d. improve the quality of its output.