Some economists in the 1950s predicted that the Soviet Union would continue to grow faster than the United States for decades to come because
A. in the 1950s, the Soviet Union was investing a very large amount in capital accumulation
B. in the 1950s, the Soviet Union was investing a very large amount in training its labor force
C. in the 1950s, the Soviet Union was investing a very large amount in acquiring knowledge capital
D. in the 1950s, the Soviet Union was investing a very large amount in acquiring new technologies
Answer: A. in the 1950s, the Soviet Union was investing a very large amount in capital accumulation
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Observe the difference in vending machines between canned soda and newspapers. Typically, if you insert coins into a newspaper vending machine and open it you will see available all of the copies of the newspaper within one's reach
However, soda machines are very different. They work such that only one can is dispensed at a time. The rest of the canned soda is well out of reach. Explain in terms of marginal utility why the newspaper distributor is relatively unconcerned about the rest of the newspapers being taken without payment while the soda distributor uses a machine that goes to great lengths to insure that only one can of soda is dispensed at a time.
A significant advantage to being a member of a trade bloc is
A) higher tariff collections from member countries. B) reduced or eliminated tariffs among member countries. C) reduced tariff rates only for the largest member countries. D) None of the above; there is no economic advantage to a trade bloc.