If you knew that two countries had the same level of real GDP per person, what additional piece of information would help you determine in which country people had a better standard of living?
A. The average number of hours worked per week in each country
B. The average level of prices in each country
C. The population of each country
D. The total physical volume of output for each country
Answer: A
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Suppose the marginal social cost (MSC) of abatement for particulate matter (PM) is MSC = 8 + 0.5A, where A is percent of PM removed, and MSC is in millions of dollars. Find the change in total social costs (TSC) of abatement if the abatement level increases from 12 percent to 20 percent as a result of new policy.
What will be an ideal response?
If out of the two cities that send teams to the Super Bowl, the city with the lowest unemployment rate wins 70 percent of the time, there would be:
A. a positive correlation between Super Bowl wins and low unemployment rates. B. evidence to conclude that richer cities always have better super bowl teams. C. the condition of ceteris paribus present in the winning cities. D. a negative correlation between Super Bowl wins and low unemployment rates.
A wage that allows people to pay for the necessities of life is known as a(n): a. equilibrium wage. b. minimum wage
c. living wage. d. fair wage. e. subsistence wage.
Economic theory indicates that the economy is better off not to produce proved reserves of a mineral "too quickly." By this, we mean that we
a. prefer some bad luck in exploration efforts, rather than too much good luck in finding the resources. b. do not want the resource to be too abundantly available since this would reduce its price and GDP. c. want to use other nations' resources first, even if doing so is more costly. d. do not want to use additional resources for exploration if the present discounted value of the benefits is smaller than the cost.