An efficient economy would set the marginal product in the traditional sector
A) lower than that in the modern non-traditional sector.
B) higher than that in the modern sophisticated sector.
C) equal to that in the modern sophisticated sector.
D) lower in the relatively capital intensive sector.
E) higher in the relatively capital intensive sector.
C
You might also like to view...
The above table gives the demand and supply schedules for cat food. If the supply increases by 20 tons at every price, what is the new equilibrium price and quantity?
What will be an ideal response?
Special interest groups often a. represent broad questions of public interest. b. pursue rent-seeking behavior
c. do not use lobbying techniques. d. have no effect on the political process.
A strategy is dominated if:
A. there are no other strategies that yield higher payoffs, regardless of others' choices. B. there is some other strategy that yields a strictly higher payoff regardless of others' choices. C. there is some other strategy that yields a strictly higher payoff in some circumstances and that never yields a lower payoff regardless of others' choices. D. there is some other strategy that yields a strictly higher payoff in some circumstances and may yield a lower payoff, depending upon other players' choices.
A quota is
A) a limit placed on the quantity of goods that can be imported into a country. B) a tax imposed by a government on goods imported into a country. C) a subsidy granted to importers of a vital input. D) a health and safety restriction imposed on an imported product.