The critical determinant of real GDP per capita is
A) the size of the labor force.
B) labor productivity.
C) the population.
D) the size of the working-age population.
B
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A market has four individuals, each considering buying a grill for his backyard. Assume that grills come in only one size and model. Abe considers himself a grill-master, and finds a grill a necessity, so he is willing to pay $400 for a grill. Butch is a meat-lover, honing his grilling skills, and is willing to pay $350 for a grill. Collin just met the girl of his dreams, and she loves a good grilled steak, so in his effort to impress her he is willing to pay $320 for a grill. Daniel loves grilled shrimp and thinks it might be cheaper in the long run if he buys a grill instead of eating out every time he wants grilled shrimp, so he is willing to pay $200 for a grill. If the market price of grills is $300, given the scenario described, the total consumer surplus would be:
A. $200. B. $170. C. $1,070. D. None of these is true.
A consumer chooses an optimal consumption point where the
a. marginal rate of substitution equals the relative price ratio. b. slope of the indifference curve exceeds the slope of the budget constraint. c. ratios of all the marginal utilities are equal. d. All of the above are correct.
One type of explicit price-fixing is known as price leadership.
Answer the following statement true (T) or false (F)
Related to the Economics in Practice on page 3: According to the Economics in Practice, when rains in rural India are plentiful, the opportunity cost of having someone out of the labor force, and therefore unable to work in agricultural production,
A. increases. B. remains unchanged. C. is zero, because the person is out of the labor force. D. decreases.