The method of constructing a measure of technological progress relies on which of the following assumptions?
A) each factor of production is paid its marginal product
B) population growth does not change
C) population growth is zero
D) the saving rate does note change
A
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What are the main features of the Harris-Todaro model of rural-urban migration?
What will be an ideal response?
If a firm finds itself at an output level where MR < MC, then the firm
A. should shut down, since it is losing money. B. should decrease output. C. should increase output. D. should raise the price of its product.
Monopolistic competitors are protected by barriers to entry
a. True b. False
Which of the following is NOT an example of a negative externality?
a. air pollution from a manufacturing plant. b. disrupted sleep from a neighbor's loud music. c. an illness caused by secondhand cigarette smoke. d. a decrease in your property value from neglecting your lawn and garden.