The monopoly producer
a. sets MU equal to P.
b. sets MR = MC.
c. has MC > MU.
d. sets MR = P.
b
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If real GDP per person rises above the subsistence level then, according to classical growth theory,
A) a population explosion will occur. B) labor productivity growth permanently increases. C) population growth will slow down. D) real GDP per person will fall below the subsistence level. E) real GDP per person will remain above the subsistence level.
The question "Should economics majors or sociology majors earn more after they graduate?" is an example of a ________ question
A) what B) how C) for whom D) where E) why
Free riding
A) is possible if the consumption of a good is characterized by excludability. B) is possible if the consumption of a good is characterized by nonexcludability. C) is characteristic of private goods. D) occurs when consumers pay too much for services provided by government.
Refer to the accompanying table below. According to the Cost-Benefit Principle, how many units of this activity should be carried out?Units of ActivityTotal CostTotal Benefit0$0$01$2$122$6$223$12$304$20$365$30$406$42$427$56$43
A. 4 B. 2 C. 3 D. 5