Alexis and Tara both mine salt. Alexis mines 300 pounds in 20 hours. Tara mines 400 pounds in 40 hours. Which of the following is correct?
a. Alexis's productivity is greater than Tara's. This difference could be explained by Alexis having more physical capital than Tara.
b. Alexis's productivity is greater than Tara's. This difference cannot be explained by a difference in the physical capital each has.
c. Tara's productivity is greater than Alexis's. This difference could be explained by Tara having more physical capital than Alexis.
d. Tara's productivity is greater than Alexis's. This difference cannot be explained by a difference in the physical capital each has.
a
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Which of the following is NOT an obstacle to economic development?
A) lack of entrepreneurship B) political instability C) corruption D) a central bank
Suppose two economies, the United States and Saudi Arabia, each have a GDP of $1,000 . A U.S. war effort involves the purchase of $100 of Saudi oil, which is financed by selling $100 worth of U.S. government bonds to Saudi Arabia. In subsequent years, GDP remains at $1,000 for each country and the United States imposes a $10 tax to make its debt payments to the Saudis. Now while the United States
is still debt obligated, a. U.S. consumption is $1,000 and Saudi consumption is $1,000 b. U.S. consumption is $990 and Saudi consumption is $990 c. U.S. consumption is $1,010 and Saudi consumption is $990 d. U.S. consumption is $1,000 and Saudi consumption is $1,010 e. U.S. consumption is $990 and Saudi consumption is $1,010
Which of the following is NOT a characteristic of a centrally planned economy?
A. Consumers vote with their dollars thus guiding resources to produce what the society wants. B. Government sets the prices. C. The government decides how much of each good should be produced. D. All of these statements are characteristics of centrally planned economy.
In the above figure, if the quantity is equal to 500,000 units, the deadweight loss is equal to
A) area C. B) area D + area I. C) area B + area F. D) area G + area H. E) None of the above answers is correct because the deadweight loss is equal to zero.