Describe the gaps between real GDP per person in the United States and in other countries. For which countries is the gap narrowing? For which is it widening? For which is it the same?
What will be an ideal response?
Some rich countries are catching up with the United States, but the gaps between the United States and many poor countries are not closing. Amongst the rich countries, since 1960 Japan has closed the gap with the United States but the gaps between the United States and Canada, and the "Europe Big 4" (France, Germany, Italy, and the United Kingdom) have tended to remain constant. Other Western European nations and the former Communist countries of Central Europe have fallen slightly farther behind the United States. The gap between the United States and most nations in Africa, and Central and South America has widened. But some nations in Asia— including Hong Kong, Singapore, Korea, and China—have grown very rapidly. The gap between these nations and the United States has shrunk; indeed, Singapore has slightly surpassed the United States and Hong Kong has virtually tied the United States.
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Torrie is thinking of starting up a small business selling hand-painted wine glasses. She is considering setting up her business as a sole proprietorship. What is one advantage to Torrie of setting up her business as a sole proprietorship?
A) As a sole proprietor, Torrie would have the ability to share risk with shareholders. B) As a sole proprietor, Torrie would face limited liability. C) As a sole proprietor, Torrie would have both ownership and control over the business. D) All of the above would be advantages of setting up her business as a sole proprietorship.
Another term for stocks is equity.
Answer the following statement true (T) or false (F)
Suppose a firm has a Cobb-Douglas weekly production function Q = F(L, K) = 25L0.5K0.5, where L is the number of workers and K is units of capital. The wage rate is $900 per week, and a unit of capital costs $400 per week. Assuming no fixed costs, what is the firm's total cost of production if it uses least-cost input combination to produce 675 units of output?
A. $48,600 B. $43,650 C. $35,100 D. $32,400
Pay-as-you-throw (PAYT) programs, also known as unit pricing schemes,
Use the following forany or all of Questions 11 through 13 below. Consider the following model of the municipal solid waste (MSW) services market in the city of Houston. MSC = 1.5 + 1.25Q MSB = 30 – 2.5Q MEC= 0.75Q MEB= 0 whereQ is the number of trash containers serviced per household per month. a. are uncommon in the United States b. lack incentives because they are strictly command-and-control in approach c. can be implemented using flat rate pricing or variable rate pricing d. none of the above