What is the magnitude of the differences in GDP per capital between industrially advanced countries and developing countries?
What will be an ideal response?
In 2010, GDP per capital in industrially advanced countries (IAC) was $38,745. This figure was about 6.5 times greater than upper-middle-income DVC ($5884), 24 times greater than lower-middle-income DVC ($1,619), and about 73 times greater than low-income DVC ($528) in 2010.
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Small pizza parlors exist in just about every town. Anyone can open a pizza parlor, and the pizzas from one parlor typically have different tastes and sizes than pizzas from another parlor. Thus, the pizza industry is an example of
A) perfect competition. B) monopoly. C) oligopoly. D) monopolistic competition.
In April 2000, the United States had a labor force of 141,230,000, employment of 135,706,000, and there were 67,986,000 people not in the labor force (all numbers rounded to the nearest 1000)
(a) Calculate the unemployment rate. (b) Calculate the participation rate. (c) Calculate the employment ratio.
In the real business cycle model, output and employment are
a. determined by real supply-side variables. b. determined by supply and demand factors. c. always at their natural rates. d. both a and c. e. None of the above
All externalities
a. cause markets to fail to allocate resources efficiently. b. cause equilibrium prices to be too high. c. benefit producers at the expense of consumers. d. cause equilibrium prices to be too low.