If the central prediction of the Solow Growth Model is valid,
A. per capita Real GDP differences among nations will diminish.
B. per capita Real GDP differences among nations will increase.
C. population growth rates in rich countries will increase.
D. economic freedom as measured by the Heritage Foundation Index will decrease.
Answer: A
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At the optimal consumption bundle, the marginal rate of substitution of leisure for consumption is equal to
A) the real wage and the budget line is tangent to an indifference curve. B) minus the real wage and the budget line is tangent to the indifference curve. C) the real wage and the budget line intersects the indifference curve. D) minus the real wage and the budget line intersects the indifference curve.
If resource prices are fixed and the product selling price rises, then
a. profits will decrease. b. profits will increase. c. profits will remain constant. d. both profits and output will decrease.
Which tax system requires all taxpayers to pay the same percentage of their income in taxes?
a. a regressive tax b. a proportional tax c. a progressive tax d. a horizontal equity tax
Pat used to work as an aerobics instructor at the local gym earning $35,000 a year. Pat quit that job and started working as a personal trainer. Pat makes $50,000 in total annual revenue. Pat's only out-of-pocket costs are $12,000 per year for rent and utilities, $1,000 per year for advertising and $3,000 per year for equipment.Pat's accounting profit is ________, and Pat's economic profit is ________.
A. $15,000; ?$1,000 B. $34,000; $15,000 C. $50,000; $15,000 D. $34,000; ?$1,000