A country tends to grow faster when?
A. Greater proportion of its work force graduate from college.
B. It trades less with the rest of the world.
C. The government restricts direct foreign investment into others.
D. Saving and investing decrease.
E. The Stock of fiscal capital is held constant.
A. Greater proportion of its work force graduate from college.
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If the law of increasing opportunity cost holds, can the production possibility frontier be a straight line?
What will be an ideal response?
What is meant by productive efficiency? How does a perfectly competitive firm achieve productive efficiency?
What will be an ideal response?
A monopolistic competitor in long-run equilibrium is like a perfect competitor in that
A) price equals marginal cost. B) price is greater than marginal cost. C) zero economic profits are made. D) both produce at the minimum points of their average total cost curves.
If the market price is above the equilibrium price:
a. A surplus will occur and producers will produce less and lower prices b. Producers will make extremely high profits c. A surplus will result and consumers will bid prices up d. A shortage will occur and producers will produce more and lower prices