Which countries undertook economic reforms in the 1960's that resulted in more economic freedom and stronger economic growth?
a. Venezuela and Zimbabwe
b. Malawi and Niger
c. Hong Kong and Singapore
d. United States and Switzerland
C
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The invisible hand enforces the tendency toward
a. MR = MU. b. MC = P = MU. c. MC = MPP = P. d. MRP = MPP = P.
An employer asking potential employees to interview with them is an example of:
A. statistical discrimination. B. signaling. C. building a reputation. D. screening.
In Samoa the opportunity cost of producing 1 coconut is 4 pineapples, while in Guam the opportunity cost of producing 1 coconut is 5 pineapples. In this situation: a. if trade occurs, both countries will be able to consume beyond their original production possibilities frontiers. b. Guam will be better off if it exports coconuts and imports pineapples
c. both Samoa and Guam will be better off if Samoa produces both coconuts and pineapples. d. mutually beneficial trade cannot occur.
A firm's marginal and average costs may differ in the long and short run because:
A. in the short run all inputs are fixed. B. in the long run all inputs are fixed. C. in the short run all inputs are variable. D. in the long run all inputs are variable.