The fact that different countries experience different standards of living is largely explained by differences in those countries'
a. populations.
b. productivity levels.
c. locations.
d. None of the above is correct. Economists are puzzled by differences in standards of living around the world.
b
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In the Borda-count voting method, irrelevant alternatives are never an issue
Indicate whether the statement is true or false
Suppose that firms in a monopolistically competitive industry are earning positive economic profits. In this situation, you would expect
A. the number of firms in the market to increase. B. each firm will experience an increase in its demand. C. there is a downward shift in the firm’s average cost curve. D. to observe firms reducing their advertising.
The expenditure approach to GDP accounting includes
a. wages and salaries b. net exports c. net interest d. corporate profit e. proprietors' income
A firm that maximizes profits also
A) is inefficient. B) cuts corners in production processes so that its products are made too cheaply. C) uses the least-cost combination of resources. D) pays input prices lower than other firms do.