Describe some of the advantages and disadvantages of each of the following schools: linear stages, structural change, dependence and neoclassical
What will be an ideal response?
Discussed in detail in the chapter and in the comparative case study at the end of the chapter.
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If smartwatches are considered substitutes for smartphones, the increase in the price of smartwatches would, all else equal,
A) increase the demand for smartphones. B) decrease the demand for smartphones. C) decrease the quantity of smartphones demanded. D) increase the quantity of smartphones demanded.
If a firm’s average cost is currently $100, and the marginal cost is $95, then the average cost is currently falling.
Answer the following statement true (T) or false (F)
There are two consumers in the market, Jack and Jane. Each have some coffee and candies (coffee on the horizontal axis). Jack's MRS of candies for coffee is 3. Jane's MRS of candies for coffee is 3
Which one of the following statements is incorrect? A) This allocation is on the contract curve. B) This can be a competitive equilibrium. C) This allocation is Pareto efficient. D) We can reallocate goods so as to make one person better off without harming another.
Externalities are created when parties not involved in an economic transaction are affected by it
a. True b. False Indicate whether the statement is true or false