The recent growth records of Japan and Hong Kong during the last 50 years indicate that a nation can grow rapidly without:
a. securely defined property rights. b. adopting modern technology.
c. significant capital formation. d. abundant domestic natural resources.
d
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If the price of a pumpkin rises and consumers' total expenditure on pumpkins increases, then the demand for pumpkins is inelastic
Indicate whether the statement is true or false
Refer to the table below. If Gorgeous Sands Resort produces the profit-maximizing number of resorts and charges the profit-maximizing price, what is their profit during the off-peak-period?
The table above summarizes Gorgeous Sands Resort's marginal capacity cost, marginal operating cost, peak marginal revenue, off-peak marginal revenue, and its peak and off-peak demand for its resort units.
A) $187,500
B) $300,000
C) $450,000
D) $255,500
If a person does NOT pay all costs associated with a particular resource-using activity, then
A. the social costs of the activity are greater than the private costs of the activity. B. the full costs of the activity are the sum of private costs plus internal costs. C. the external costs of the activity are greater than the internal costs of the activity. D. the external costs of the activity are greater than the private costs of the activity.
When shares of stock are sold for more than they are purchased, the difference received by the seller is referred to as:
A. a dividend. B. a capital gain. C. interest. D. economic profit.