Country A had a population of 1,000, of whom 600 worked an average of 8 hours a day and had a productivity of 2.5 . Country B had a population of 800, of whom 560 worked 8 hours a day and had productivity of 3.0 . Country
a. A had the higher level of real GDP and real GDP per person.
b. A had the higher level of real GDP and Country B had the higher level of real GDP per person
c. B had the higher level of real GDP and Country A had the higher level of real GDP per person
d. B had the higher level of real GDP and real GDP per person.
d
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If the demand and supply curves for a commodity shift to the right and the shift in demand is greater than the shift in supply, then in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) a lower price and quantity. B) a higher price and quantity. C) the same price and quantity. D) a higher price and a lower quantity.
When long-run average costs increase as output increases, there are
A) economies of scale. B) diseconomies of scale. C) constant returns to scale. D) constant marginal costs.
Most movie theatres charge different prices to different groups of customers for movie admission but not on movie popcorn. Which of the following is a reason for this?
A) because the markup on movie popcorn is very high and movie theatres do not want to forgo this source of revenue B) because it is easier to limit resale in movie admissions but not in popcorn C) because the cost of operating a concession stand in a movie theatre is very high compared to the cost of showing a movie D) because the demand for popcorn is very high relative to the demand for movie admissions
Which of the following problems associated with asymmetric information can be avoided by using a product warranty?
a. Lemons problem b. Problem of adverse selection c. Moral Hazard d. Problem of blind sight