Which of the following is not a problem for less-developed countries?
a. Poor health and nutrition.
b. Shortages of labor.
c. High unemployment rates.
d. Low labor productivity.
e. low life expectancy
b
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National defense is a public good _____
a. meaning it is an all-or-nothing proposition b. however it can be adjusted on the margin c. implying whatever output produced is efficient d. a and c
A measure of the responsiveness of the demand for one good to the percentage change in the price of another good is
A) price elasticity of demand. B) price elasticity of supply. C) cross price elasticity of demand. D) income elasticity.
A perfectly competitive industry achieves allocative efficiency in the long run. What does allocative efficiency mean?
A) Each firm produces up to the point where the price of the good equals the marginal cost of producing the last unit. B) Each firm produces up to the point where all scale economies are exhausted. C) Production occurs at the lowest average total cost. D) Firms use an input combination that minimizes cost and maximizes output.
Refer to the information provided in Table 23.7 below to answer the question(s) that follow. Table 23.7
Refer to Table 23.7. The equilibrium level of aggregate output equals
A. $400 billion. B. $600 billion. C. $800 billion. D. $1,000 billion.