How many units of labor would you hire?
6 units of land
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The net present value of a project is calculated as
A) the future value of all cash inflows minus the present value of all outflows. B) the sum of all cash inflows minus the sum of all cash outflows. C) the present value of all cash inflows minus the present value of all cash outflows. D) None of the above
If a nation has a real GDP of $100,000 with 1,000 people, real GDP per capita would be $1,000 per person
a. True b. False Indicate whether the statement is true or false
Figure 21-1
In Figure 21-1, a reform in the distribution system that achieves the same distribution with less damage to work incentives is represented by a move from which points?
A. A to B B. C to G C. C to F D. B to C
Is a monopolistically competitive firm allocatively efficient?
A) No, because it does not produce at minimum average total cost. B) Yes, because it produces where marginal cost equals marginal revenue. C) No, because price is greater than marginal cost. D) Yes, because price equals average total cost.