According to research by Robert Fogel, what proportion of the increase in the standard of living in Britain between 1790 and 1980 can be accounted for by greater caloric intake?
a. 10 percent
b. 20 percent
c. 30 percent
d. 40 percent
c
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Economies of scale occur where
a. long-run average cost falls as new firms enter the industry b. short-run average cost falls as new firms enter the industry c. long-run average cost falls as one firm expands plant size d. short-run average cost falls as one firm expands plant size e. long-run average cost rises as one firm expands plant size
A consumer will go to a point on the highest attainable indifference curve
a. True b. False Indicate whether the statement is true or false
If this year the CPI is 110 and last year it was 100, then
a. the cost of the CPI basket of goods and services has increased this year by 110 percent. b. the price level as measured by the CPI has increased by 10 percent. c. the inflation rate for this year has increased by 10 percent over last year's inflation rate. d. All of the above are correct.
Which of the following is a TRUE statement?
A. Opportunity costs turn external costs into social costs. B. Opportunity costs always exist with whoever has property rights. C. Voluntary agreements can always yield a situation in which all externalities are internalized. D. Any property right system will yield a situation in which all externalities are internalized.