Some economists claim that investment and economic growth are dependent upon income inequality
Indicate whether the statement is true or false
T
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Which statement is true?
A. Productive efficiency has never been achieved. B. The U.S. economy achieved productive efficiency from mid-1997 through mid-2001. C. The U.S. economy achieved productive efficiency from 1980 to 1997. D. The U.S. economy generally attains productive efficiency.
Provide a description of the TIT FOR TAT strategy. Give a brief explanation of the importance of TIT FOR TAT strategy in Robert Axelrod's computer tournaments and the implications of his results for public policy
What will be an ideal response?
Consumer sovereignty implies that
a. producers determine what goods will be produced and consumers are free to choose from among them b. consumers choose the composition of our economy's output c. goods are produced on the basis of need d. the government directs the production of consumer goods in the economy e. a committee of consumers determines the key issues in the economy
Diminishing marginal utility implies that as an individual consumes more of a good, beyond some point another unit will add:
A. the same pleasure as the preceding unit. B. more pleasure than the preceding unit. C. more units of utility than the preceding units. D. less pleasure than the preceding unit.