List six essential ingredients for economic growth
What will be an ideal response?
1. Honesty and the rule of law that encourages honesty
2. Competition and international trade
3. Well-defined and enforced property rights
4. An expanding stock of physical capital
5. Investment in human capital
6. Political stability
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When is a collusive agreement between two firms likely to break down?
What will be an ideal response?
Suppose that the price of a money clip increases from $0.75 to $0.90 and quantity supplied rises from 8,000 units to 10,000 units. Use the midpoint formula to calculate the price elasticity of supply
A) 1.22 B) 1.0 C) 0.82 D) 0.07
In which of the following cases can we be certain that a natural resource has become scarcer?
a. both the demand for the resource and the supply of the resource have increased b. both the demand for the resource and the supply of the resource have decreased c. demand for the resource is unchanged and the supply of the resource has increased d. the demand for the resource has decreased and the supply of the resource is unchanged
Which of the following is correct?
A. SMC = PMC - MD B. MPB = MSB + MEB C. SMC = PMC + MD D. MSC = MPB E. MSB = MSC + MPB