AK growth models argue that which type or types of capital may not be subject to diminishing returns?
A) only physical capital
B) physical capital and human capital
C) human capital and knowledge
D) knowledge and physical capital
C
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If Angelo's Pizza Restaurant has a constant marginal cost of $100 for each additional table in the restaurant and a constant marginal cost of $40 for operating each additional table, what is Angelo's long-run marginal cost per table?
A) $100 B) $60 C) $40 D) $140
According to the indifference principle, housing prices
a. tend to converge over time b. tend to leave individuals indifferent about where they live c. only tend to be different to compensate individuals for differences in living conditions d. only B&C
The unemployment rate:
A. is measured by the number of people who are unemployed divided by the labor force. B. is never zero. C. measures what percentage of our labor force is currently looking for a job and can't find one. D. All of these are true.
Alpha can produce either 18 tons of oranges or 9 tons of apples in a year, while Omega can produce either 16 tons of oranges or 4 tons of apples. Which of the following exchange rates between apples and oranges would allow both Alpha and Omega to gain by specialization and exchange?
a. 1 ton of apples for 3 tons of oranges b. 3 tons of apples for 3 tons of oranges c. 2 tons of apples for 3 tons of oranges d. 1 ton of oranges for 0.2 tons of apples