The output per capita of a country is equal to _____
a. its population divided by its GDP
b. its GDP divided by its population
c. its population divided by its GNP
d. its GNP divided by its population
e. its GDP divided by the total value of capital available
b
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In a market economy, what specifies the terms of exchange, facilitating exchange between strangers?
A) contracts B) insurance C) patents D) accounting rules
If Sam receives a pay cut and the income effect outweighs the price effect on his labor supply decision, he will:
A. work the same hours no matter what. B. quit and not work at all. C. work less hours. D. work more hours.
Use the following graph for a competitive market to answer the question below.
Assume the government imposes a $3 tax on buyers, which results in a shift of the demand curve from D1 to D2. The amount of the tax revenue paid by the seller is
A. $600. B. $300. C. $2100. D. $900.
Refer to Figure 22.3 for a perfectly competitive firm. If the market price is $23,
A. Economic profits are zero. B. The firm will have above-normal profits. C. The firm should produce 31 units. D. The firm should produce 25 units.