Suppose you know that a certain country with a growing population has experienced steady growth in real per capita GDP. What do you then also know to be TRUE?
A. This country exports more than it imports.
B. The distribution of income in this country has become relatively more equal.
C. The growth in goods and services produced and exchanged in the marketplace has outpaced the growth in population.
D. This country imports more than it exports.
Answer: C
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Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $4 and the wage rate is $70 per day, how many workers should Winnie employ to maximize his profit?
A) 1 B) 2 C) 3 D) 4
All of the following are elements of a game except which one?
A) a game board B) rules C) payoffs D) strategies
Economic games can be used to analyze decisions around which of the following situations?
A. Environmental protection B. War C. Business D. All of these situations.
To be efficient, outputs should be produced that minimize total cost.
Answer the following statement true (T) or false (F)