New growth theorists conclude that
A. the amount of technological innovation in an economy is independent of the rewards offered for innovation.
B. rates of global economic growth are limited by the amount of raw materials available.
C. invention is more important than innovation in spurring economic growth.
D. economic growth can continue as long as we keep coming up with new ideas.
Answer: D
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The above figure shows the relationship between the price of a slice of pizza and how many slices of pizza Ricardo buys in a week. Between points A and B, the slope of the line is ________ the slope of the line between points B and C
A) greater than B) equal to C) less than D) unrelated to E) not comparable to
Which of the following statements regarding the Lorenz curve is FALSE?
A) A Lorenz curve is a geometric representation of the distribution of income. B) A Lorenz curve that is perfectly straight represents complete income equality. C) The less bowed is a Lorenz curve, the less equally income is distributed. D) The more bowed is a Lorenz curve, the more unequally income is distributed.
The primary difference(s) between the standard deviation and the coefficient of variation as measures of risk are:
a. the coefficient of variation is easier to compute b. the standard deviation is a measure of relative risk whereas the coefficient of variation is a measure of absolute risk c. the coefficient of variation is a measure of relative risk whereas the standard deviation is a measure of absolute risk d. the standard deviation is rarely used in practice whereas the coefficient of variation is widely used e. c and d
Price ceilings are imposed if the government believes
a. the market fails to create an equilibrium price b. the equilibrium price is too low c. an excess supply of the good exists or will result in the near future d. the equilibrium price is too high e. quantity demanded is less than quantity supplied