Country A has a GDP of $300 billion and a population of 10 million, while Country B has a GDP of $3 trillion and a population of 200 million. The per capita GDP in Country A and Country B are _____ and _____, respectively
a. $30,000 . $15,000
b. $15,000 . $30,000
c. $15,000 . $7,500
d. $7,500; $15,000
a
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If Florida issues an alligator hunting permit to Jackson, who values an alligator hunt at $2,500, instead of Oliver, who values an alligator hunt at $4,000, the $1,500 difference in values is
A) a deadweight loss. B) a negative externality. C) a transactions cost. D) the social cost of the alligator hunt.
In a production possibilities frontier model, a point ________ the frontier is productively inefficient
A) outside B) at either intercept of C) inside D) along
A price floor does not benefit producers
a. True b. False Indicate whether the statement is true or false
The return to owners for innovation and risk taking is a firm's
a. economic profit after taxes b. total revenue c. total opportunity cost d. total implicit cost e. money profit after taxes