If you took a course on the economics of growth, what elements would you expect to be missing that you would need to discuss economic development?
What will be an ideal response?
Focus on issues such as structural change, inequality, and political institutions. At this point, students may think of population and human capital as well, although material in Chapter 3 will show how these have been incorporated into growth models.
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Vertical integration can reduce transaction costs through all of the following ways except which one?
A) decreasing the incentive for litigation B) creating managerial diseconomies C) establishing a partnership between the two firms D) increasing information and control
Which of the following correctly lists the three fundamental economic questions?
a. If to produce? Why to produce? When to produce? b. If to produce? What to produce? How to produce? c. Why to produce? What to produce? How to produce? d. What to produce? How to produce? For whom to produce?
If a Pigovian tax is too large, the resulting:
A. outcome will not maximize surplus. B. quantity will be too high. C. outcome will still be efficient. D. All of these statements are true.
Suppose the exchange rate between the U.S. and Argentina is initially set at 20 pesos per dollar and increases to 25 pesos per dollar. In the U.S. economy this would be expected to
A. increase exports and decrease imports. B. increase both exports imports. C. decrease both exports imports. D. increase imports and decrease exports.