Which of the following best describes an argument for convergence?
a. Low-income countries tend to have higher levels of human capital and physical capital, so an investment in capital deepening should have a larger marginal effect in these countries than in high-income countries.
b. Low-income countries tend to have higher levels of human capital and physical capital, so an investment in capital deepening should have a lower marginal effect in these countries than in high-income countries.
c. Low-income countries tend to have lower levels of human capital and physical capital, so an investment in capital deepening should have a larger marginal effect in these countries than in high-income countries.
d. Low-income countries tend to have lower levels of human capital and physical capital, so an investment in capital deepening should have a lower marginal effect in these countries than in high-income countries.
c. Low-income countries tend to have lower levels of human capital and physical capital, so an investment in capital deepening should have a larger marginal effect in these countries than in high-income countries.
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In the above figure, a single-price monopolist charges a price of ________ and the equilibrium competitive price is ________
A) $10; $20 B) $20; $30 C) $30; $20 D) $30; $10
How do taxes, pollution charges, and cap-and-trade work to reduce emissions?
What will be an ideal response?
A tit-for-tat strategy is one in which oligopolies
A) cooperate as long as other members cooperate, but if anyone cheats, they cut the price until the cheater reverts to cooperation. B) cooperate almost all of the time, but occasionally do not cooperate in order to fool the antitrust authorities. C) keep cutting prices to punish rivals until the competitive price is reached. D) try to avoid the problems of the prisoners' dilemma, but actually make themselves worse off.
In a perfectly competitive market industry, firm's prices are equal to
a. Average revenue b. Marginal revenue c. Both a and b d. None of the above