The ____ shows roughly how long it will take a nation to double its output at various growth rates
a. rule of rapid growth
b. rule of 70
c. rule of 1950
d. duopoly rule
b
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Refer to the table below. Pat's opportunity cost of making a pizza is delivering: Pizzas MadePer HourPizzasDeliveredPer HourCorey126Pat1015
A. 2 pizzas B. 2/3 of a pizza C. 3 pizzas D. 3/2 of a pizza
On the farm, which of the following people had the highest labor value?
(a) A woman (b) A man (c) A child (d) A grandparent
Human capital is
a. an important determinant of wages, but it does not affect the production of goods and services. b. an important determinant of wages, and it affects the production of goods and services. c. a specific type of physical capital made by humans rather than machines. d. very different from physical capital in that physical capital represents an investment, while human capital does not represent an investment.
Suppose that Thierry and Abdul are duopolists. Thierry is producing 700 units of output, and Abdul is producing 500 units of output. When Abdul produces 500 units, Thierry maximizes profit by producing 700 units. When Thierry produces 700 units of output, Abdul maximizes profit by producing 500 units. Thierry and Abdul are
a. pricing at the minimum of marginal cost. b. in a competitive market. c. at a Nash equilibrium. d. engaging in mark-up pricing.