What do you think would be the Cobb-Douglas single best prescription for poor countries to catch up with the rich?
A) to increase their stock of capital
B) to increase their labor force
C) to find more efficient ways to allocate and use capital and labor
D) to ask help of the rich countries
E) none of the above
C
You might also like to view...
One-third of the world's population live in China and India. How did the growth rate of these two countries compare with the growth of high income industrial countries during 1980-2009?
What will be an ideal response?
To be a natural monopoly, a firm must
A) control a key resource input. B) have economies of scale that are so large that it can supply the entire market at a lower cost than two or more firms. C) have significant network externalities. D) be in a government-regulated market.
Answer the following questions true (T) or false (F)
1. Economists do not think it is possible to compare the relative utility that two people get from consuming an additional unit of a particular good. 2. Each price-quantity combination on a consumer's demand curve shows the utility-maximizing quantity at the given price. 3. A Giffen good could be either a normal good or an inferior good.
Features of "Reagonomics" include all of the following except:
a. reduction in marginal tax rates. b. increased government expenditures for defense. c. deregulation of business. d. regular increases in the minimum wage.