When economists are trying to explain the world, they are
a. scientists.
b. policy advisers.
c. in the realm of microeconomics rather than macroeconomics.
d. in the realm of normative economics rather than positive economics.
a
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If the level of technology rises, GDP per hour of labor
A) decreases for a given level of capital per hour of labor. B) increases for any level of capital per hour of labor. C) decreases because the level of capital per hour of labor decreases. D) increases because the level of capital per hour of labor increases. E) does not change because GDP increases only when capital or labor increases.
Describe the choices that consumers make and explain why consumers are efficient on the market demand curve
What will be an ideal response?
You hire a set of economic consultants and they tell you the following: At a price of $5, 24 units of the good could be sold; at a price of $7, 25 units of output could be sold. The marginal revenue of the 25th unit of output is
a. $14 b. $55 c. $6 d. $168 e. $175
Protection of new products from global competition is known as
A. a quota. B. dumping. C. the infant-industry argument. D. protection of domestic jobs.