In general, GDP per capita is not highly correlated with alternative measures of quality of life
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following happens during a recession?
A) Labor demand increases. B) The equilibrium wage rate rises. C) Labor supply falls. D) The equilibrium wage rate falls.
The law of diminishing marginal returns states that
A) as both labor and capital are increased, output increases at a decreasing rate. B) output increases at a decreasing rate as more capital is added. C) output decreases at a constant rate as more capital is added. D) as both labor and capital are increased, output does not change. E) output increases at a constant rate as more capital is added.
In the above table, what is the maximum price that consumers are willing to pay for the 200th brownie?
A) 0 B) 20¢ C) 60¢ D) 80¢
Economics deals with choices
A) that involve the wants of individuals. B) that involve what people only need to survive. C) that people make without self-motivated interest. D) that people normally do not make.