An economist would refer to an oil deposit as which type of resource?
a. land
b. labor
c. human capital
d. physical capital
e. entrepreneurship
A
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Suppose a firm has a monopoly on the sale of a computer game and faces a downward-sloping demand curve. When selling the 50th game, the firm will always receive
a. less marginal revenue on the 50th game than it received on the 49th game. b. more average revenue on the 50th game than it received on the 49th game. c. more total revenue on the 50 games than it received on the first 49 games. d. Both b and c are correct.
Which of the following countries has had the highest growth rate of per capita GDP over the past 25 years?
What will be an ideal response?
If we were to look at the demand curve for a business traveler on an airline versus a casual vacationer on the same airline, we would see that ______.
a. the business traveler would have a nearly horizontal curve b. both curves would have approximately the same slope c. the casual vacationer would have a less steep slope d. the casual vacationer would have a nearly vertical slope
Nominal gross domestic product:
A. Is not affected by the level of inflation B. Changes only when there is a change in output C. Changes only when there is a change in the price level D. Can change when there is a change in either output or the price level