Refer to Figure 16-6. Suppose instead of charging the monopoly price for his classes, Sensei charges the competitive price. What is the competitive price and what is the quantity demanded at this price?

A) P1, Q0 B) P0, Q1 C) P1, Q1 D) P0, Q0


D

Economics

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Suppose that average labor productivity in Country C is $5,000, and that Countries C and E have the same real GDP per capita. Based on the information in the table, what must be the average labor productivity in Country E?CountryPopulation (millions)Share of Population Employed (%)A10060B15055C7550D25045E9540 

A. $1,500 B. $6,250 C. $4,500 D. $1,000

Economics

When RBC economists work out a detailed numerical example of a more general theory, they are performing

A) econometrics. B) number theory. C) calibration. D) topology.

Economics

We want money mostly because

A) it makes us happy. B) we can buy goods with it. C) we lengthen the life of our mattress. D) we trust it.

Economics

The prevailing view of globalization is that it brings

a. coercive powers which tend to have a negative effect on developed nations. b. both significant opportunities and dangers. c. mostly dangers such as economic competition and unemployment to developing nations. d. mostly economic opportunities to both developed and developing nations.

Economics