Which of the following is not an obstacle to development?
A. Overpopulation
B. Excessive investment
C. Political instability
D. Corruption
Answer: B
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Use the following graph, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product, to answer the next question.
With free trade, that is, assuming no tariff, the outputs produced by domestic and foreign producers respectively would be
A. w and y?w. B. w and z?w. C. x and z?x. D. v and z?v.
The figure above shows the market for coffee. If the efficient quantity of coffee is produced, the producer surplus is
A) $10 million. B) $20 million. C) $60 million. D) zero.
What is called for with heterodox stabilization policies?
What will be an ideal response?
The following expressions describe a perfectly competitive labor market. The labor supply curve is:
SL = AE = $3.00 + $0.000375L. The marginal revenue product of labor curve is: MRPL = $13.00 - 0.000433L. a. Find the equilibrium wage in this labor market. Also, find the optimal number of labor hours worked per week. Let L represent the number of labor hours worked per week, and let W represent the hourly wage of workers. b. Determine the economic rent earned by labor in this situation.