AP (Advanced Placement) Macroeconomics: Questions 518 - 522 of 750

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Question 518

Question

MCQ▾

Which of the following statements is true about the Solow model of growth?

Choices

Choice (5)Response

a.

Opposition between natural and warranted rates of growth

b.

Fixed variable proportion

c.

Applicable to the development problem of underdeveloped countries

d.

e.

All of the above

Question 519

Question

MCQ▾

Identify positive affine transformation form

Choices

Choice (5)Response

a.

b.

c.

d.

e.

Question does not provide sufficient data or is vague

Question 520

Question

MCQ▾

How is the Rawlsian social welfare function represented?

Choices

Choice (5)Response

a.

Minimax social welfare function

b.

Benthamite welfare function

c.

Weighted sum of utilities

d.

Classical utilitarian function

e.

All of the above

Question 521

Question

MCQ▾

What are Veblen goods?

Choices

Choice (5)Response

a.

Goods that need to be consumed in the same proportion

b.

When price rises, the quantity demanded also rises

c.

When income increases, the demand for the good falls

d.

Goods that are exchanged for each other at a constant rate

e.

All of the above

Question 522

Question

MCQ▾

In Cournot equilibrium level of output, the industry output is equal to

Choices

Choice (5)Response

a.

b.

c.

d.

e.

All of the above

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