The United Nations, in its annual publication of the Human Development Report, computes what it calls the human development index. If the purpose of this index is to measure development rather than growth, which of the following factors is most likely to be included in it?
A. Size of the capital stock
B. Number of workers in the labor force
C. Availability of natural resources
D. Literacy rate
Answer: D
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A recent study found that it was cheaper to buy a chicken dinner from Kentucky Fried Chicken than it was to prepare it at home. The researcher included all costs including the imputed value of time involved to prepare the meal at home. This study illustrates the
A. value of marginal analysis. B. law of increasing costs. C. difference between real costs and money costs. D. cost disease of the service sector.
Suppose that a market for a product is in equilibrium at a price of $5 per unit. At any price above $5 per unit
A) there will be an excess demand for the product. B) there will be a shortage of that product. C) there will be an excess supply of the product. D) the quantity supplied of the product will be less than the quantity demanded of that product.
Refer to Figure 12-3. Suppose the prevailing price is P1 and the firm is currently producing its loss-minimizing quantity. Identify the area that represents the loss
A) P2 deP1 B) P3cbP1 C) 0P1 bQ1 D) P3caP0
If a firm has short-run losses, will it stay open? Under what conditions will a firm close in the short run? Explain