Which region has the lowest GDP per capita?
a. South Asia
b. Latin America and Caribbean
c. Sub-Saharan Africa
d. Europe and Central Asia
c. Sub-Saharan Africa
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Assume a monopolistically competitive firm comes up with a new innovation that allows it to earn above-normal economic profits
Given the nature of the market in which it operates, over time those profits will be competed away as new competitors enter the market. Indicate whether the statement is true or false
Lower interest rates
A. Reflect a lower opportunity cost of money. B. Reflect a higher opportunity cost of money. C. Raise the future value of current dollars. D. Lower the present value of future payments.
The formal and informal institutions that support the economy including the laws, customs, manners, conventions, and other institutional under-pinnings that encourage people to pursue productive activity are called the rules of the game
Indicate whether the statement is true or false
A soybean farmer sells soybeans in a perfectly competitive market and hires labor in a perfectly competitive market. The market price of soybeans is $6 a bushel, the wage rate is $30, the farmer employs eight workers and the marginal product of the eighth worker is 7 bushels. What would you advise this farmer to do?
A. Reduce the product price so that the wage and marginal revenue product will be equal. B. Increase employment because the wage paid is less than the marginal revenue product. C. Do nothing because the wage rate and the marginal product of the last worker hired are equal. D. Reduce employment because the wage paid is less than the marginal revenue product.