Recall the Application about the effect of global warming on economic growth to answer the following question(s). According to this Application, a one degree Celsius rise in temperature:
A. increases poor countries' exports.
B. decreases poor countries' exports.
C. increases rich countries' exports.
D. decreases all countries' exports.
Answer: B
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Suppose that Germany, France, Estonia, and India all have the same production possibilities, illustrated in the figure above. Based on the production points in the figure, India is most likely to expand its PPF to
A) PPF2. B) PPF3 or PPF2. C) PPF3. D) PPF1. or PPF2. E) PPF1.
Gabriela, a brilliant new Ph.D. in economics, has turned down many job offers because she hopes eventually to teach at one of the top ten universities in her field. The type of unemployment she is experiencing is
a. frictional b. structural c. seasonal d. cyclical e. underemployment
The absence of significant scale economies in 19th century agriculture outside the cotton South produced all of the following except
(a) More equal income distribution (b) Numerous family farms (c) The widespread need for schools (d) Large, corporate farms using the latest technology
Figure 10-4
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Figure 10-4 shows the industry’s supply and demand curves in panel (1) and the cost curves of a firm in the industry in panel (2). At S3, the firm is
A. going to shut down. B. incurring losses. C. earning zero economic profits. D. earning economic profit greater than zero.