What is the opportunity cost of economic growth?
a. investment in the current time period
b. improved technology in the current time period
c. capital goods in the current time period
d. consumption in the current time period
d
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The two-country, multi-product model differs from the two-country, two-product model in that, in the former
A) the relative wage ratio will determine the pattern of trade ( which good is exported by which country. B) which country will export which product is determined entirely by labor productivity data. C) full specialization is likely to hold in equilibrium. D) none of the goods are potentially nontraded. E) domestic relative prices are not relevant.
Generally, long-run elasticities of supply are
A) greater than short-run elasticities, because existing inventories can be exploited during shortages. B) greater than short-run elasticities, because consumers have time to find substitutes for the good. C) greater than short-run elasticities, because firms can make alterations to plant size and input combinations to be more flexible in production. D) smaller than short-run elasticities, because the firm has made long-term commitments it cannot easily modify. E) the same as short-run elasticities, because technology is not assumed to change in the long-run adjustment process.
What is the term for taxes that governments place on imported goods for a variety of reasons?
a. barriers b. tariffs c. goods taxes d. import taxes
If a monopolist engages in price discrimination, it will:
A. charge a competitive price to all its customers. B. charge a higher price where individual demand is inelastic and a lower price where individual demand is elastic. C. produce a smaller output than when it did not discriminate. D. realize a smaller profit.