A major effect of the rise in the rate of productivity growth in the United States is a(n):
A. Rise in the rate of inflation
B. Rise in the growth of living standards
C. Increase in the relative prices of U.S. goods in foreign markets
D. Increase in the competitiveness of U.S. goods in foreign markets
B. Rise in the growth of living standards
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Bill and Krista sell potted plants from a roadside stand. The figure above shows Bill and Krista's marginal cost curve and the market price. If Bill and Krista sell 60 plants per week, their producer surplus from the 60th plant will equal
A) $8. B) $480. C) $0. D) $20. E) More information is needed to answer the question.
In the United States, the wage floor legislated by government below which it is generally illegal to pay workers is known as
A) the minimum wage. B) the wage ceiling. C) the employment gap. D) the going wage.
A monopolist that does not price discriminate will set the output level where
a. P = MC b. P = MR c. TR = TC d. MR = MC e. P = ATC
GDP per capita:
A. tells us how much is produced per person in an economy. B. paints a clearer picture of how thin the output is spread across a population. C. is calculated by dividing GDP by the population size of the economy. D. All of these statements are true.