Real GDP per capita in the United States (as of 2007) exceeds that of France primarily because:
A. the United States had higher annual rates of growth than France from 1960 through 2007.
B. the United States has a much larger population than France.
C. the United States has a higher percentage of the working-age population in the labor force and because U.S. employees average about 20 percent more hours worked per year.
D. European Union rules severely limit France's access to technologies developed outside the region.
Answer: C. the United States has a higher percentage of the working-age population in the labor force and because U.S. employees average about 20 percent more hours worked per year.
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Scott owns a law-enforcement training operation in Boise, Idaho. He employs three trainers. The last trainer Scott hired increased Scott's total cost by $466 per week even though the trainer brought in only one new client. Hence Scott's
A) total variable cost equals $466. B) marginal cost of the last client equals $466. C) marginal cost of the last worker equals $233. D) total variable cost equals $233. E) total fixed cost of the last client equals $466.
An auction has advantages over a lottery as a means of allocating the radio frequency spectrum
Indicate whether the statement is true or false
Insurance works best in situations where there is
a. a high probability of a small loss. b. a low probability of a small loss. c. a high probability of a large loss. d. a low probability of a large loss. e. the level of probability and the size of the loss are irrelevant.
The present value of receiving M dollars two years from now when the prevailing interest rate is i is equal to
a. M - i2 b. M ? i2 c. M/i d. M/(1 - i) e. M/(1 + i)2