Assume that the share of population employed in all countries is 50 percent. Based on the information in the table, which country has the highest real GDP per capita? CountryPopulation (millions)Average Labor Productivity ($)A1002,000B15010,000C7525,000D25050,000E9560,000
A. Country B
B. Country A
C. Country D
D. Country E
Answer: D
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Consumer surplus ________
A) equals total revenue minus marginal cost B) is maximized when the market outcome is efficient C) equals total revenue minus opportunity cost D) plus producer surplus is maximized when resources are used efficiently
If the price of bottled air sold at a colony on the moon doubles, and yet quantity demanded does not change, demand is ________.
Fill in the blank(s) with the appropriate word(s).
Using the data in the above table, gross private domestic investment equals
A) $250. B) $260. C) $460. D) some amount that cannot be determined without more information.
Price discrimination
A) eliminates the producer surplus. B) turns consumer surplus into producer surplus. C) decreases output below the profit-maximizing level. D) lowers a monopoly's economic profit.