In a small Asian country, it is estimated that a $10,000 increase in capital per hour worked will increase real GDP per hour worked by $600. Based on this information, what is the slope of the per-worker production function in this range?
A) 0.06 B) 6.6 C) 66.6 D) 666
A
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An insight into business cycles is gained by the fact that
A) changes in real GDP result in changes in autonomous expenditures. B) at a peak, a decrease in autonomous expenditure leads to a decrease in induced expenditure. C) autonomous expenditure does not change at either a peak or a trough. D) at a peak, autonomous expenditure increases, thereby leading to a recession. E) at a trough, induced expenditure decreases, thereby leading to an expansion.
Doctor Hugh R. Sick recommends his patient take 2 units of insulin per day to successfully manage her diabetes condition. In a different office across town, Doctor I. M
Dismal, an economics professor, tells his student to read every assigned textbook chapter to successfully pass economics. In spite of the sage advice of the doctor and professor, the economic way of thinking recognizes A) patients don't always follow their doctor's orders. B) students don't always follow their professor's pleas. C) substitutes for prescriptions and textbook assignments exist; patients and students demonstrate their desire for substitutes through their actions. D) all of the above are true.
If 50 units are sold at a price of $20 and 80 units are sold at a price of $15, what is the absolute value of the price elasticity of demand? Use the midpoint formula
A) 0.17 B) 0.62 C) 1.62 D) 5
Which of the following is an example of intraindustry trade?
A) Trading peanut oil for tractors B) Trading crude oil for automobiles C) Trading Nokia smartphone for Apple iPhones D) Trading jeans for cotton