A highly active role by government may be needed to promote economic growth in low-income DVCs because of:
A. a lack of infrastructure.
B. rigid law enforcement in the country.
C. excessive local entrepreneurship.
D. all these reasons.
A. a lack of infrastructure.
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What is measured on the vertical axis of the aggregate demand graph?
A) unemployment B) nominal income C) the price level D) real GDP per year
Expansionary fiscal policy is ineffective if
A) there are idle resources in the economy. B) the MPC is less than 0.60. C) the government has a budget surplus. D) there is complete crowding out. E) a and d
Kara and Kyle are competing sockeye salmon fishers. Both have been allocated ITQs that limit their catch to 2,000 tons of sockeye salmon each. Kara's cost per ton is $8; Kyle's cost per ton is $12. Refer to the information given and assume that
the market price of sockeye salmon is $15 per ton. If Kara pays Kyle $5 per ton for his ITQs, and if she then catches her new limit of 4,000 tons, their combined profit would be: A. $18,000. B. $22,000. C. $20,000. D. $4,000.
Economic profits are
A) total revenue minus explicit costs. B) total revenue minus implicit costs. C) total revenue minus explicit and implicit costs. D) total revenue minus accounting costs.