Most of the world's population:
A) is poor relative to the United States.
B) is about as well off as the average person in the United States.
C) is wealthy relative to the United States.
D) cannot be compared to the United States.
Ans: A) is poor relative to the United States.
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A monopolist with constant average and marginal cost equal to 8 (AC = MC = 8) faces demand Q = 100 - P, implying that its marginal revenue is MR = 100 - 2Q. Its profit maximizing quantity is
a. 8 b. 46 c. 50 d. 92
If markets are perfectly competitive, the free-trade price of a good in an importing country is expected to be lower than the pre-trade price of the good in that country.
Answer the following statement true (T) or false (F)
World trade declined in the 1930s. Which of the following is the best explanation of that decline?
A. The incomes of most nations increased, allowing them to become more self-sufficient. B. Trade restrictions increased, but there was little change in world income. C. World income shrank, but there were few changes in trade restrictions. D. World income shrank, and trade restrictions increased.
Briefly describe the most important differences between the market for health care and the market for other goods and services
What will be an ideal response?