Given the following hypothetical data where C = $3,000; I = $1,200; G = $2,000; X ? M = ?$500; depreciation = $200; transfer payments = $800, net domestic product is _____
a. $5,500
b. $5,700
c. $6,200
d. $6,400
e. $6,900
a
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Economists refer to the talents, training, and education of workers as:
A. labor supply. B. physical capital. C. human capital. D. average labor productivity.
In order to maximize its profits, a price-taking firm should produce the level of output at which:
A) total revenue = total cost. B) average revenue = average cost. C) variable revenue = variable cost. D) marginal revenue = marginal cost.
According to the rule of 70, if you earn an interest rate of 3.5 percent, your savings will double about every 20 years
a. True b. False Indicate whether the statement is true or false
An ultimatum game is:
A. the only game played by unions in reality. B. one in which one player makes an offer and the other player has the simple choice of whether to accept or reject. C. a repeated sequential game. D. one in which one player makes an offer and the other player has the choice of whether to accept or offer a counteroffer.