According to the above table, if real Gross Domestic Product (GDP) equals $30,000, what is the average propensity to consume?
A. 0.8
B. 0.75
C. 0.87
D. 0.67
Answer: C
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A new cure for Toenail fungus is discovered for individuals resistant to the original treatment. At this point the firm producing this drug
a. Could be considered a monopoly b. Would be protected from entry by patents c. Would be facing many new entries in the market d. Only A&B
Which of these conclusions does the graph U.S. Unemployment by Race or Ethnic Group support?
a. Businesses tend to give jobs to white workers before they will hire black or Hispanic
workers.
b. The unemployment rate for Hispanic workers is determined by whether employers
perceive them as white or black.
c. White workers have a lower unemployment rate because they make up less of the
U.S. workforce than black and Hispanic workers.
d. White, black, and Hispanic workers all constitute roughly the same proportion of the U.S. workforce.
Compare the composition of U.S. output in the year 1900 with its composition in the year 2000.
What will be an ideal response?
The principle that individuals and firms pick the activity level where the incremental benefit of that activity equals the incremental cost of that activity is known as the:
A. marginal principle. B. principle of opportunity cost. C. principle of diminishing returns. D. spillover principle.