In the neoclassical growth model, break-even investment must cover
a. the depreciation in capital.
b. the rate of technology growth.
c. depreciation and capital for new workers (population growth).
d. capital for new workers (population growth) and technology growth.
e. none of the above.
C
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When the WTO met in Seattle to initiate a further move towards free international trade, thousands of activists met
A) in order to promote the WTO's goals of "Trade-not Aid." B) in order to laud the WTO policy orientation which would bust local monopolies and therefore help ordinary relatively poor consumers everywhere. C) in order to laud the WTO policy of disallowing government sweetheart deals, which typically meant that corrupt governments subsidized their in-laws' conglomerates on the backs of poor taxpayers. D) in order to support the WTO efforts of bringing about a universal shift of resources in poor countries to higher efficiency and productivity uses, which would raise the real incomes of everyone. E) in order to protest WTO free trade policies that they believed hurt workers.
The cross-price elasticity of demand for coffee and coffee-cream is likely to be
A) greater than zero. B) less than zero. C) zero. D) infinity.
When an increase in the scale of production leads to higher average costs, the industry exhibits
A. increasing returns to scale. B. constant returns to scale. C. decreasing returns to scale. D. diminishing returns.
In general, the structure of a business firm
A) looks like a market. B) looks like a flat network. C) is largely determined by legal considerations. D) seems more like a central planning agency than a market.