If a poor country can "catch up" to a rich country, its productivity rises more rapidly than the productivity of the rich country
a. True
b. False
Indicate whether the statement is true or false
True
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The above figure shows the competitive market for turkey. The consumer surplus for the 300 millionth pound of turkey is
A) $2.00 per pound. B) $225 million. C) $0.80 per pound. D) $0.50 per pound.
Social costs are
A) costs that are borne by the government. B) the full cost borne by society whenever a resource use occurs. C) borne by individuals who incur them. D) another term for external costs.
When quantity demanded decreases at every possible price, the demand curve a. shifts to the left
b. shifts to the right. c. there is a movement along the given demand curve. d. none of the above.
If the real interest rate and the nominal interest rate are both negative and equal to each other, then the
A. inflation premium is zero. B. inflation premium is also negative. C. inflation premium is positive. D. economy must be in a recession.