Place point Y on the graph to indicate a deep depression.
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Suppose an economy has an increase in labor input of 60 percent, while output has increased by 100 percent. Assuming no change in total factor productivity, calculate the percentage increase in the capital input
(Use the Cobb-Douglas production function Y = A .)
Which of the following goods is most likely to be associated with monopolistic competition?
a. Gasoline b. Milk c. Cookies d. Wheat
An example of infant industry protection is the computer industry in Brazil from 1977 to 1988. It is widely concluded that the effort was:
a. a failure. b. a complete success, because now Brazil manufactures nearly all computer CPUs. c. successful, although there were costs to pay in higher prices, making PCs unattainable for most Brazilian consumers. d. as measured on a cost-benefit basis, still unclear due to potential future gains.
If a person would buy equipment with safety features that cost $100 extra and those features reduce the chance of having a fatal accident by 1/500, the person is implicitly valuing his or her life at a minimum of:
A. $5. B. $50,000. C. $500,000. D. $5,000.