If two nations have different per capita income levels and their rates of economic growth are identical, then the absolute per capita income differential:
A. will remain constant.
B. may either widen or diminish.
C. will diminish.
D. will widen.
D. will widen.
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One of the causes of World War I was _________
a. the deteriorating standards of living in Europe. b. the assassination in Serbia of Austrian Archduke Ferdinand. c. Europe had experienced several wars in recent decades that spilled over into World War I. d. the European working class was increasingly fractured and nationalistic.
The amount by which an additional unit of a good or service increases a consumer's total utility is:
a. marginal bliss. b. marginal benefit. c. marginal utility. d. marginal.
In 2006 Disney had
A) a positive economic profit. B) accounting profits greater than the cost of capital. C) a negative economic profit. D) none of these choices.
If a purely competitive firm is in short-run equilibrium and its marginal cost exceeds its average total cost, we can conclude that:
A. this is a decreasing-cost industry. B. firms will exit the industry in the long run. C. firms will enter the industry in the long run. D. this is an increasing-cost industry.