Refer to the graph below. It shows the total product (TP) curve. At which point is the marginal product zero?
A. Point a
B. Point b
C. Point c
D. Point d
C. Point c
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Aid is considered "tied" when it is
a. provided for restricted purposes b. required to be used for purchases from the donor country c. provided in exchange for the recipient's support in the United Nations d. required to be used solely for either public or private projects e. none of the above
The Romer model suggests that there is a trade-off between ________
A) the use of resources in research and development and the productiveness of R&D B) the rate of saving and the long-run growth of output C) per capita output in the short-run and long-run D) the size of the total population and the saving rate
If the economy is already producing at its potential, _____
a. the spending multiplier equals 1/(1 - MPC) in the long run b. the spending multiplier is less than 1/(1 - MPC) in the long run c. the spending multiplier is more than 1/(1 - MPC) in the long run d. the spending multiplier equals zero in the long run e. the aggregate demand curve is horizontal
If resources and goods are free to move across states and if Oregon producers choose to specialize in producing honey while California producers choose to specialize in growing almonds, then we could reasonable conclude that:
a. California has a comparative advantage in producing almonds b. Oregon has a comparative advantage in producing honey. c. the opportunity cost of growing almonds is lower in California than in Oregon. d. all of the above are true.