An economy with population 500 million has a research and development productivity of 0.0005, and its output per person has risen from one period to the next along its balanced growth path from 350 to 362.5
The fraction of this economy's population engaged in research and development is ________. A) 14%
B) 2.5%
C) 3.6%
D) 10 %
D
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One consequence of a negative externality is that
A. social costs are greater than private costs. B. private costs are greater than social costs. C. the marginal private cost curve slopes upward. D. the market output is less than the socially optimal output. E. a and c
The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. The smallest tariff necessary to completely eliminate imported rice is
A) $1 per unit. B) $25 per unit. C) $50 per unit. D) Not enough information.
Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown in the accompanying figure.
Moe needs to earn at least an 80 in both economics and physics to keep his scholarship. Given his current PPC, an 80 in both classes is ________.
A. attainable B. efficient C. inefficient D. unattainable
Exhibit 2-15 Production possibilities curve
In Exhibit 2-15, evidence of the law of increasing opportunity costs is:
A. to get the first 10 capital goods, economy has to give up 2 consumption goods but to get the next 10 capital goods, the economy has to give up 8 consumption goods. B. the downward slope of the production possibilities curve. C. the amount of capital goods increases by 10 units as the economy moves from point J to point K to point L to point M to point N. D. the amount of capital goods increases by 10 units as the economy moves from point L to point G.