The new growth theory examines the role of
A. technology in economic growth.
B. natural resources in economic growth.
C. government in economic growth.
D. exports in economic growth.
Answer: A
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A widget costs $1000 in the US and CAD$1200 in Canada. The current exchange rate is 1USD=1.09CAD. At this rate,
a. The good costs more in the US b. The good costs more in Canada c. The good costs the same across the two countries d. None of the above
The law of diminishing marginal returns states that as the quantity of capital per worker increases, other things constant, output per worker eventually: a. increases at a constant rate
b. increases at a decreasing rate. c. increases at an increasing rate. d. decreases. e. remains constant.
Suppose labor productivity differences are the only determinants of comparative advantage, and Brazil and Chile both produce only coffee and sugar. In Chile, either 5 units of coffee or 2 units of sugar can be produced in one day. In Brazil, a day of labor produces either 2 units of coffee or 1 unit of sugar. What is the opportunity cost of producing coffee in Chile?
a. Half a pound of sugar b. Two-fifth of a pound of sugar c. 2 pounds of sugar d. One-third of a pound of sugar e. 4 pounds of sugar
Pa and Pb represent the prices that citizens (a) and (b), the only two people in this nation, are willing to pay for additional units of a quantity (Qc) of the public good. Qs represents the quantity of the public good supplied by government at each of the collective prices.QcPaPbQs1$4$552344324342325121Refer to the above information. If the collective willingness to pay for an additional unit of this public good is $6, then the collective quantity demanded will be:
A. 2 units and the socially optimal quantity supplied will be 4 units. B. 4 units and the socially optimal quantity supplied will be 2 units. C. 3 units and the socially optimal quantity supplied will be 3 units. D. 1 unit and the socially optimal quantity supplied will be 5 units.