If real GDP grows by 3% in 2014, 3.2% in 2015, and 2.5% in 2016, what is the average annual growth rate of real GDP?
A) 2.6% B) 2.9% C) 3.1% D) 4.2%
B
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If the market price falls below the average-variable-cost, the firm will suspend production
a. True b. False Indicate whether the statement is true or false
Which of the following benefits comes from specialization?
a. Prices for scarce resources are lowered. b. The best use is made of limited resources. c. Opportunity costs are lowered for workers. d. Workers are inspired to reach their potential.
According to the above figure, the equilibrium price of DVDs is
A. $20. B. $10. C. $6. D. $14.
For a monopsonist, the marginal factor cost curve will be above the supply of labor curve. The marginal factor cost curve is above the supply curve because
A) the monopsonist will take advantage of labor and offer them lower wages. B) in order for the monopsonist to sell an additional unit of the good, the price of the good must be lowered. C) in order for the monopsonist to hire more labor the monopsonist must also purchase more capital. D) the monopsonist will have to pay all workers a higher wage rate than the current wage rate if it wants to hire more workers.