Data on convergence suggests:
a. poor countries are converging with the median country.
b. rich countries are converging with other rich countries.
c. only countries with the same populations are convergine.
d. none of the above.
B
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All individuals, even Bill Gates, must select among alternative goods because of
A) pollution. B) global warming. C) scarcity. D) poverty.
The slowdown in U.S. economic growth in the period 1974-95 was primarily caused by ________
A) falling labor growth B) falling capital growth C) falling productivity growth D) none of the above
Which is NOT an example of moral hazard
a. people eat more at all-you-can-eat buffets b. loggers select the most profitable trees to harvest even when they are not paying per tree felled c. Drivers of heavier, safer cares are more likely to run stop signs d. workers on commission work harder than those paid an hourly wage
Total cost is
a. the sum of variable cost and fixed cost. b. average variable cost times quantity. c. the sum of average fixed cost and marginal cost. d. the sum of fixed cost and average variable cost.