Trends in economic growth of South Korea have been significantly different from the trends in economic growth of North Korea. This is primarily because
A) North Korea has inclusive institutions while South Korea has extractive institutions.
B) quality of agricultural land is better in North Korea than in South Korea.
C) quality of agricultural land is better in South Korea than in North Korea.
D) South Korea has inclusive institutions while North Korea has extractive institutions.
D
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The Banks of the Mississippi has excess reserves of $20,000, desired reserves of $80,000 and the desired reserve ratio is 5 percent. What is the total amount of deposits in this bank?
A) $180,000 B) $100,000 C) $1,000,000 D) $1,600,000 E) $5,000
Suppose a lazy monopolist's fixed costs are lower than the fixed costs of an efficient monopolist. In all other respects, the monopolists are the same. Which of the following statements about this monopolist is true?
A. It charges a higher price than the monopolist producing efficiently. B. It charges a lower price than the monopolist producing efficiently. C. It produces less than the monopolist producing efficiently. D. Its total revenue is the same as the monopolist producing efficiently.
A negative externality is said to exist if
A. the social costs exceed the private costs. B. the private marginal cost exceeds the private marginal benefit. C. the producer and the consumer surplus for a particular good are not equal. D. a tax imposed on the production of a particular good results in a deadweight loss.
Refer to the above graph. At output level H, the area:
A. 0AEH represents the firm's economic profit. B. 0CGH represents the firm's total cost of production. C. ACGE represents the firm's economic profit. D. BCGF represents the firm's fixed costs of production.