Briefly explain the relationship between output per capita and happiness. Specifically, to what extent are these two variables related?
What will be an ideal response?
Research by Richard Layard indicates that the proportion of very happy people is higher among the rich than among the poor. At the country level, at low levels of output per capita, increases in output per capita do seem to cause increases in happiness. However, this relation is not as strong for those countries with higher levels of output per capita.
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In the case where interest rates are lower in Japan, which of the following is an example of a "carry trade"
a. Increase borrowing in the US, convert to Yuan and invest in financial assets in Japan b. Increase borrowing in Japan and invest in Japan c. Increase borrowing in Japan, convert to Dollars and invest in the US d. Increase borrowing in the US and invest in the US
Given the information in the table shown, what is the average revenue when 24 units are produced?
This table shows price and quantity produced for a single firm in a perfectly competitive market.
A. $240
B. $10
C. $24
D. $2.40
According to the marginal approach to profit maximization,
a. firms should equate total revenue and marginal cost when choosing the optimal output level b. firms should take any action that increases revenue more than costs c. economic profit is zero in the long run d. marginal cost declines until it reaches marginal revenue at the profit-maximizing output level e. marginal costs eventually diminish as more output is produced
A decrease in government regulation will shift
A. aggregate demand to the right. B. aggregate supply to the left. C. aggregate demand to the left. D. aggregate supply to the right.