An important assumption that is made when constructing a demand schedule is that
a. only price and quantity matter in determining demand.
b. people always want a certain amount of a product.
c. demand is too important to be left to the economists.
d. all other determinants of demand are held constant.
e. demand has a positive slope.
d
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The Solow model demonstrates that
A) in the absence of productivity growth, economic growth will turn negative in the long run. B) in the absence of productivity growth, economic growth will reach a steady state of zero per-capita growth in the long run. C) productivity growth must exceed the rate of growth in the population to avoid a steady state in the long run. D) productivity growth will inevitably decline due to diminishing marginal productivity.
Describe the differences between the growth rates of real personal consumption and real gross private investment in the United States
What will be an ideal response?
Network affects can be present when the
A) internet was initially open to everyone. B) costs of production are low relative to the cost of distribution. C) cost of production are low relative to the costs of rent-seeking. D) costs of distribution are low relative to the costs of production.
Two individuals engage in the same two productive activities. In which of the following circumstances would neither individual have a comparative advantage in either activity?
a. One individual's production possibilities frontier is steeper than the other individual's production possibilities frontier. b. One individual is faster at both activities than the other individual. c. One individual's opportunity costs are the same as the other individual's opportunity costs. d. None of the above is correct; one of the two individuals always will have a comparative advantage in at least one of the two activities.