GDP tends to overstate economic well-being because it takes into account:
What will be an ideal response?
Health care costs related to the consumption of products with adverse health effects
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Suppose that the firm's only variable input is labor. When 50 workers are used, the average product of labor is 50 and the marginal product of labor is 75. The wage rate is $80 and the total cost of the fixed input is $500. What is average total cost?
A. $1.80 B. $0.825 C. $0.63 D. $4.10 E. none of the above
The Classical view of the economy is characterized by:
a) A laissez-faire approach. b) The belief that demand creates its own supply. c) Overt fiscal policy. d) The inherent instability of the economy.
Exhibit 21-1 Production possibilities curves
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In Exhibit 21-1, the production possibilities curves of wheat and corn for Nabia and Pada are presented. If these two nations trade, Nabia should specialize in the production of:
A. corn. B. corn and wheat. C. wheat. D. neither product since Pada has the absolute advantage in the production of both.
Identify two ways that the government intervenes in markets to control prices and restricts the use of individual property
What will be an ideal response?