Of the following views on the effects of immigration on the receiving nation's economic growth, which have NOT been suggested by economists Michael Kremer and Julian Simon?
A) Technological progress is driven by population growth.
B) Immigration increases a nation's labor pool and encourages ingenuity.
C) Immigration costs the local population jobs and greatly lowers their incomes.
D) Immigrants raise the standard of living of a nation's native population.
C
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If John's marginal utility derived from the consumption of another candy bar is 1 and the price of the candy bar is $1.50, then
a. this is the last candy bar John will purchase since the marginal utility is less than the price. b. the opportunity cost of the candy bar is less than $1.50. c. if John purchases and consumes the candy bar his total satisfaction will go down because the marginal utility is less than the price. d. there is not enough information to determine if John will or will not purchase the candy bar.
Discuss natural resources and whether they are necessary for economic growth. Choose a country with or without plentiful natural resources and briefly discuss how this has impacted its growth.
What will be an ideal response?
Consider a competitive industry and a price-taking firm that produces in that industry. The market demand and supply functions are estimated to be: Demand: Qd = 10,000 ? 10,000P + 1.0MSupply: Qs = 80,000 + 10,000P ? 4,000PIwhere Q is quantity, P is the price of the product, M is income, and PI is the input price. The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and PI for 2015:
= $50,000 and 
I = $20The manager also estimates the average variable cost function to beAVC = 3.0 ?
0.0027Q + 0.0000009Q2Total fixed costs will be $2,000 in 2015. The marginal cost function is: A. SMC = 3.0 ? 0.0054Q + 0.0000018Q2 B. SMC = 3.0 ? 0.0027Q + 0.0000009Q2 C. SMC = 3.0 ? 0.00135Q + 0.00000045Q2 D. SMC = 3.0Q ? 0.0027Q2 + 0.0000009Q3 E. none of the above
Which of the following would result in lower costs?
A. Lower prices for inputs B. Using fewer inputs per unit of output C. Increasing efficiency D. All of the above