The formula for an infinite sum is
A) 1 + b + b2 + b3 + b4 + ... = b / (1 - b). B) 1 + b + b2 + b3 + b4 + ... = 1 / (1 - b).
C) 1 + b + b2 + b3 + b4 + ... = 1 / b. D) 1 + b + b2 + b3 + b4 + ... = 1 / (1 + b).
B
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The relatively rapid economic growth experienced by Chile in the late 1980s
A) supported the conventional Latin American reliance on import substitution. B) relied on the Harris-Todaro model to explain this growth. C) rejected the conventional Latin American reliance on import substitution. D) demonstrated the importance of market failure as a reason for import substitution. E) relied on high tariffs and import substitution.
Which of the following is not true of collective decision-making costs?
a. They impede collective action. b. They are the reason why unanimity rule is not the optimal decision-making rule. c. They imply that simple majority rule is the optimal decision-making rule. d. They increase the closer the decision rule gets to unanimity.
According to the Coase theorem, if bargaining costs are small, then there will be an efficient solution to the problem of toxic waste
a. if the creator of the toxic waste is assigned the property rights b. if the victim of toxic waste is assigned the property rights c. regardless of which party is assigned the property rights d. if the property rights are shared equally between the creator and the victim of toxic waste e. in the form of a pollution tax
Jessie's demand schedule for candy bars indicates
A. How much she likes candy bars. B. Her opportunity cost of buying candy bars. C. How many candy bars she will actually buy. D. Why she likes candy bars.