A sharp increase in the divorce rate increases the number of lawyers hired to determine divorce settlements. This will
A) decrease GDP and increase well-being in the economy.
B) decrease GDP and decrease well-being in the economy.
C) increase GDP and decrease well-being in the economy.
D) increase GDP and increase well-being in the economy.
C
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The person often credited with inventing modern game theory is
A) John Nash. B) Albert Einstein. C) John von Neumann. D) Isaac Newton.
Free entry is said to exist in an industry when:
A) all firms entering an industry enjoy economies of scale. B) entry is unfettered by any special legal or technical barriers. C) equal amounts of inputs are available to all firms entering an industry. D) the government subsidizes costs for all new firms entering an industry.
The figure above shows Clara's demand for CDs. The price for a CD is $15. Which statement is TRUE?
A) When Clara buys 6 CDs, she receives $15 of consumer surplus on her 6th CD. B) When Clara buys 6 CDs, she receives a total of $15 of consumer surplus. C) When Clara buys 6 CDs, she receives a total of $30 of consumer surplus. D) When Clara buys 6 CDs, she receives a total of $45 of consumer surplus.
In the above table, the average total cost of producing 14 units of output is
A) $5.71. B) $6.75. C) $7.00. D) $7.86.