Imagine a country that is immense in size, has extensive resources, and is positioned in a geostrategic location of great importance. At some point in the future, it may very well be asked to join which group of countries?
Ans: BRICS
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Four stores have a problem with theft and security is a public good. Let S stand for the number of person-hours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula MB = 200 - 2S. Patrols cost $20 per hour. What is the socially efficient level of security?
A. 90 person-hours of patrols per week B. 100 person-hours of patrols per week C. 92.5 person-hours of patrols per week D. 97.5 person-hours of patrols per week
The production possibilities frontier provides an illustration of the principle that
a. trade can make everyone better off. b. governments can sometimes improve market outcomes. c. people face trade-offs. d. people respond to incentives.
Describe and explain a perfectly competitive firm's short-run supply curve.
What will be an ideal response?
If potential output for an economy equals $5 billion, and actual output equals $4.5 billion, then this economy has a(n):
A. trade deficit. B. expansionary gap. C. budget deficit. D. recessionary gap.