In a small Asian country, it is estimated that a $10,000 increase in capital per hour worked will increase real GDP per hour worked by $600. Based on this information, what is the slope of the per-worker production function in this range?
A) 0.06 B) 6.6 C) 66.6 D) 666
A
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Answer the next question on the basis of the following data faced by a perfectly competitive firm.OutputMarginal RevenueMarginal Cost0----1$16$102169316134161751621If the firm's minimum average variable cost is $10, the firm's profit-maximizing level of output would be
A. 2. B. 3. C. 4. D. 5.
Refer to the above figure. At the initial long-run equilibrium, the price level is ________, and the price level will be ________
A) 20; 40 B) 20; 45 C) 40; 45 D) 20; 20
Consider two economies: A and B. Economy A is located close to the equator and is characterized by an extreme climate. The terrain in economy A is inhospitable and it lacks rivers or other water bodies in its territory
On the other hand, economy B is located in the temperate zone with a pleasant climate, fertile soil, and navigable rivers. Suppose the geography hypothesis of economic growth holds. a) Which of the two economies is likely to be more prosperous? b) Is the difference in prosperity between the two economies likely to be sustained in the long run?
Is the developing world moving toward centralized planning or free markets? Justify your answer
What will be an ideal response?