Which of the following is a reason why the growth rates of high-income countries can be lower than that of low-income countries?
a. In high-income countries, the invention of new technology is difficult, expensive, and time consuming.
b. In high-income countries, the invention of new technology is subject to diminishing marginal returns.
c. In high-income countries, the marginal cost of
production increases as output increases.
d. In high-income countries, the average cost of production increases as output increases.
a
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How does the Fed reach its target for the federal funds rate?
A) by changing the discount rate B) by changing reserve requirements C) by adjusting the level of reserves D) by directly setting the federal funds rate
Peanuts are $3 per pound and cashew nuts are $5 per pound. If the marginal utility from consuming the last pound of cashew nuts equals 15 utils, then the marginal utility from consuming the last pound of peanuts in consumer equilibrium should equal: a. 18 utils. b. 15 utils. c. 9 utils
d. 5 utils.