If the opportunity cost of a unit of current consumption is exactly 1 unit of future consumption then you must sacrifice $10 of current consumption to finance
A. $1 of future consumption.
B. $10 of future consumption.
C. $11 of future consumption.
D. $9 of future consumption.
Answer: B
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A monopolistic competitor in long-run equilibrium is like a perfect competitor in that
A) price equals marginal cost. B) price is greater than marginal cost. C) zero economic profits are made. D) both produce at the minimum points of their average total cost curves.
Even if economic theory is based on positive analysis, economists may still disagree with each other because
a. economists tend to have excessive self-interest b. they ignore politics c. they are opinionated d. they may have different values, like everyone else e. they try to be right all the time
If the members of an oligopoly could agree on a total quantity to produce and a price to charge, what quantity and price would they choose? Will this choice represent a Nash equilibrium?
An inequality trap has a negative impact on human capital development.
Answer the following statement true (T) or false (F)