Globally, from 1996-2013 the highest average growth rate per year occurred on the continent of Africa.
Answer the following statement true (T) or false (F)
False
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Which of the following statements about the circular flow model is false?
A) Consumers earn income by selling resources they own to businesses. B) Businesses supply goods and services to the household sector. C) Households supply resources to the business sector. D) Business firms buy goods and services from the household sector.
In Figure 3-7 above, the marginal propensity to save is
A) 1. B) 5. C) 0.5. D) 0.2.
If the total cost of production for 1000 widgets is $2000 and marginal cost is constant at $1, what is the average fixed cost for the 1000 widgets?
A) $2 B) $1.50 C) $1 D) $0.50
In a perfectly competitive market,
a. no firm can earn an economic profit b. it is possible for each firm to earn an economic profit in the short run c. firms determine the market price and consumers determine the market quantity d. consumers determine the market price, and firms decide how much to produce at that price e. the market demand curve is a horizontal line at the market price