Refer to the diagram. This firm is selling its product in a(n):
A. purely competitive market.
B. oligopoly market.
C. monopolistically competitive market.
D. monopolistic market.
A. purely competitive market.
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If capital deepening increases from $100 to $150 and this increase results in worker's productivity increasing from $60 to $70, and if there were 100 workers, then GDP is
a. $10,500 b. $6,000 c. $1,500 d. $7,000 e. $1,000
The people of Country X save 10 percent of their income, and the people of Country Y save 25 percent of their income. If these respective saving rates persist forever, will one country or the other enjoy a higher rate of income growth forever? Explain
When government tax revenues change automatically and in a countercyclical direction over the course of the business cycle, this is an example of:
A. the cyclically adjusted budget. B. impounding. C. money creation. D. built-in stability.
Microeconomics is the study of
A. federal budget details. B. aggregate measures of the economy. C. individual decision making. D. economic issues for an entire region.