Economic growth occurs when
A. nominal GDP increases.
B. GDP per capita in the short run increases.
C. a nation's capacity to produce increases.
D. there is a movement along the production possibility curve resulting in increased personal consumption expenditures.
Ans: C. a nation's capacity to produce increases.
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Refer to Scenario 12.1. What is the probability of Paula trying to rescue the man and Simon not helping?
A) 9% B) 21% C) 49% D) 70%
What's the firm's contribution margin?
a. $15 b. $18 c. $3 d. $4
The firm's variable cost include costs that
a. change as the price of the good changes b. change as the firm's output changes c. can never be changed d. can only be changed in the long run e. change with economies of scale and remain unchanged with diseconomies of scale
A production function of the form Q = 40 L.75 K.20exhibits ________ in the long run.
A. diminishing returns to the variable input B. decreasing returns to scale C. increasing returns to scale D. constant returns to scale