Developing countries have a high living standard because of high human and physical capital per worker
Indicate whether the statement is true or false
false
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In a diagram showing the average total cost and average variable cost curves, the minimum point of the average total cost is
A) at the same level of output as the maximum of the total product curve. B) at a lower level of output than the minimum point of the average variable cost. C) at a larger level of output than the minimum point of the average variable cost. D) at the same level of output as the minimum point of the average variable cost.
According to Chandler and Cortada (2000), the driving force of the U.S. economy has been what since the beginning?
(a) Agriculture (b) Manufacturing (c) Information (d) Steel and automobiles
Pareto optimality and Pareto superiority _____
a. concern only monetary gains and losses b. compare utility gains with utility losses c. do not require interpersonal utility comparisons d. are equivalent to the concept of economic efficiency
The Malthusian dilemma relates to marginal product in that
A) starvation can be averted only if marginal product is constant. B) because of diminishing marginal product, the amount of food produced by each additional member of the population increases. C) because of diminishing marginal product, the amount of food produced by each additional member of the population decreases. D) because of diminishing marginal product, the wage falls as the population decreases. E) because of diminishing average product, the population will not have additional capital to work with.