Which of the following countries had a larger growth rate since 1960?
A) U.S.
B) Senegal
C) South Korea
D) Kamul
E) Colombia
C
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A firm that is maximizing its profit
A) is economically efficient and technologically efficient. B) is economically efficient but might be technologically inefficient. C) is technologically efficient but might be economically inefficient. D) might be economically inefficient and/or technologically inefficient.
The government increases the corporate profits tax. As a result, corporate profits decrease. This will
A. decrease the nonlabor income of households, causing consumption to decrease and labor supply to decrease or increase depending on the relative magnitude of the income and substitution effects. B. decrease the nonlabor income of households, causing consumption to decrease and labor supply to decrease. C. have no effect on households. D. decrease the nonlabor income of households, causing consumption to decrease and labor supply to increase.
The United States is a country with a high saving rate
Indicate whether the statement is true or false
A nation must have an absolute advantage in order to have a comparative advantage in producing a good or service
Indicate whether the statement is true or false