One of the most common uses of GDP is to:
A. see which country has the fairest distribution of wealth.
B. measure the amount of money has been made in the economy.
C. evaluate different standards of living across countries.
D. track changes in an economy over time.
Answer: D
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Which of the following conditions is TRUE for a profit-maximizing firm in a perfectly competitive industry?
A) MR = TC B) ATC = AFC C) MR = MC D) MC = AVC
Explain the three possible ranges for price elasticity of demand
What will be an ideal response?
Economic growth can:
A. create less jobs compare to a stagnated economy. B. increase poverty overall. C. improve standards of living. D. reduce the price level in the economy.
Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output. Assume two points on the firm's production function are (L = 5, Q = 125) and (L = 6, Q = 152). Then the marginal product of the 6th worker is
a. 25 units of output. b. 27 units of output. c. 37 units of output. d. 162 units of output.