All other things remaining equal, low-income nations that increase their investments in deepening their human and physical capital bases will:
a. experience higher growth rates than high-income nations that possess larger capital stocks per capita.
b. experience lower growth rates than high-income nations that are more technologically advanced
c. incur lower costs than high-income nations that experience higher costs of production due to expensive labor.
d. experience the same growth rates as high-income nations that are more technologically advanced.
a
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The period of expansion ends with a ________ and the period of recession ends with a ________
A) business cycle peak; business cycle peak B) business cycle trough; business cycle trough C) business cycle peak; business cycle trough D) business cycle trough; business cycle peak
What is one reason activists might lobby the government for regulation limiting the production of a product to less than would normally be in a perfectly competitive market?
A) They value consumer surplus more than producer surplus. B) They value producer surplus more than consumer surplus. C) They seek to avoid future regulation. D) They seek to minimize total surplus.