Goods and services bought by the government account for about ________ percent of total production
A) 8 B) 2 C) 67 D) 17 E) 35
D
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When do new firms tend to enter a competitive industry?
a. When the large firms in the industry are earning zero profit. b. When the smaller firms are leaving the industry. c. When the new entrants can earn positive profits. d. When there is an absence of fixed costs in the long run.
If productivity is growing at some sustained rate g, then output and capital per worker ________
A) are growing at the same rate g, in a stable steady state B) are growing faster than g, because improving technology encourages a higher rate of saving and investment C) are growing slower than g, because some of the new capital is merely replacing obsolete capital D) are growing faster than g, because productivity does not suffer from diminishing marginal product
An example of a poverty trap is
a. extended time periods without war b. a lack of mineral wealth c. a dysfunctional or corrupt government d. laws and regulations to help detect fiscal fraud e. None of the answers is correct
Suppose Caesar allocates his entire budget to the purchase of soft drinks and chips. The marginal utility of the last bottle of soft drink purchased is 12 utils, and each bottle costs $1.20. The marginal utility of the last bag of chips purchased is 8 utils, and each bag costs $1. In order to maximize his utility, Caesar should
A. Buy more soft drinks and fewer chips because the soft drink has fewer calories. B. Buy more chips and fewer soft drinks because of the lower price for chips. C. Not change anything because he has made the choice that gives him the most total utility. D. Buy more soft drinks and fewer chips since he gets more marginal utility per dollar from soft drinks.