The best measure of the standard of living is
A) real GDP per capita. B) real GDP.
C) nominal GDP per capita. D) nominal GDP.
A
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The following table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase.CPUGHzTotal BenefitMarginal BenefitTotal CostsMarginal Costs2.0$1,000 $900 2.5$1,400 &1003.0 $300$1,200 3.5$1,900 &1,500 4.0$2,000 &400Application of the Cost-Benefit Principle would lead one to purchase a ________ computer.
A. 2.5GHz B. 2.0GHz C. 3.0GHz D. 4.0GHz
Assume that we are concerned about the existence of one firm (monopoly) in a market because of the potential for economic profits. If, however, there is free entry and exit, should our concerns change? Why or why not?
What will be an ideal response?
In the circular flow model, households demand resources such as labor services in the factor market
Indicate whether the statement is true or false
If Mike earns $80,000 this year and pays $16,000 in taxes and David earns $50,000 this year and pays $11,000 in taxes, this tax system would appear to be a. progressive
b. proportional. c. regressive. d. none of the above