10. T/F/U. Corrupt countries have higher GDP per capita because these countries have more power and influence. 11. T/F/U. The Solow Model says that economic growth is a function of two things: capital and ideas. 12. T/F/U. Price controls can lead to increases in discrimination. In your answer, use an example to explain why this is or is not the case. 13. T/F/U. Price floors are socially beneficial because they lead to improvements in the quality of goods and services sold. 14. T/F/U. Minimum wages help the poorest individuals the most because they increase their wage above the market wage. 15. T/F/U. A country can have a comparative advantage and an absolute advantage when trade is involved. Use an example to support your explanation.

10. T/F/U. Corrupt countries have higher GDP per capita because these countries have more power and influence. 11. T/F/U. The Solow Model says that economic growth is a function of two things: capital and ideas. 12. T/F/U. Price controls can lead to increases in discrimination. In your answer, use an example to explain why this is or is not the case. 13. T/F/U. Price floors are socially beneficial because they lead to improvements in the quality of goods and services sold. 14. T/F/U. Minimum wages help the poorest individuals the most because they increase their wage above the market wage. 15. T/F/U. A country can have a comparative advantage and an absolute advantage when trade is involved. Use an example to support your explanation.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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