What is the slope of the price consumption curve for two goods, x and y, when preferences are measured by the utility function U(x,y) = x0.5y0.5, the price of good y is $10, income equals $100, and the price of good x increases from $5 to $10?

In a typical oligopolistic market, there are

A) no barriers to entry and firms sell homogeneous products. B) substantial entry barriers, and firms are too large to strategically interact with each other. C) substantial barriers to entry and firms interact strategically with each other. D) no barriers to entry and firms interact strategically with each other. E) no barriers to entry, but firms sell differentiated products.

Which of the following helps low-income countries grow rapidly relative to high-income countries?

a. Low-income countries are in a better position to save a larger share of their income. b. Low-income countries can employ technologies and practices that have been successful in high-income countries. c. Low-income countries generally have legal systems that protect property rights and enforce contracts in a more evenhanded manner. d. Low-income countries generally have more favorable weather conditions.