There exists a strong ________ correlation between GDP per capita and ________
A) positive; child labor B) negative; life expectancy
C) negative; child labor D) positive; unemployment rate
C
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Suppose the average nominal wage in an economy has increased by 22% in the last ten years. At the same time, the rate of inflation has been 13%. Which of the following statements is true?
A. In terms of the buying power of their wages, workers are better off. B. We do not have enough information to determine the buying power of the workers' wages. C. In terms of the buying power of their wages, workers are worse off. D. In terms of the buying power of their wages, workers are no better off now than ten years earlier.
Suppose that the demand for corn is price inelastic. If a technological advance makes corn farms more productive, the equilibrium price of corn will ________ and the farmers' total revenue will ________
A) rise; increase B) rise; decrease C) fall; increase D) fall; decrease
Which of the following is not assumed in perfect competition?
a. there are numerous sellers of a product b. all products are identical c. no advertising exists d. all firms are equally efficient in the short run
The free rider problem is the main source of market failure in the provision of nonexcludable public goods.
Answer the following statement true (T) or false (F)