If residents of the United States give more gifts to relatives abroad than they receive, unilateral transfers will be
A. positive.
B. zeroed out.
C. unaffected.
D. negative.
Answer: D
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Competition from substitute goods is more of a threat when switching costs are high
Indicate whether the statement is true or false
When the government both provides a service and covers its costs through taxation,
a. the government has a strong incentive to supply consumers with desired goods at a low cost. b. consumers are in a weak position to either discipline the suppliers or alter the quantity or quality of the service provided. c. the invisible hand will direct decision makers toward the most efficient level of output. d. Consumers have strong incentive to be cost conscious.
If the real GDP in Haiti grew at an annual rate of 2 percent and the country's population grew at an annual rate of 4 percent, how long will it take for GDP per capita to double?
A. Approximately 18 years. B. Approximately 36 years. C. It will never double because population is increasing more rapidly than real GDP. D. Approximately 72 years.
Paper Pushers Inc. hires workers in a competitive labor market. Apart from labor, the company has no other variable inputs. The company's hourly output varies with the number of workers hired, as shown in the table. WorkersPages/hour0014027531054125514061507155 The VMP of the sixth worker is ________ than the VMP of the fourth worker because ________.
A. more; of the law of increasing returns B. more; workers can specialize and exploit their comparative advantage C. less; the firm experiences economies of scale D. less; of the law of diminishing returns