In 2014, the typical Bangladeshi had about
a. more than half the real income of a typical American a century ago.
b. the same real income of a typical American a century ago.
c. 2 times as much real income as that of a typical American a century ago.
d. 4 times as much real income as that of a typical American a century ago.
a
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Suppose the demand for gourmet coffee can be represented by a linear demand curve. At the prevailing market price the income elasticity of demand for gourmet coffee is 2. When income rises the demand curve for gourmet coffee:
A) becomes less elastic at every price. B) becomes less elastic at the price that prevailed before the change in income C) becomes more elastic at every price D) becomes more elastic at the price that prevailed before the change in income
Assuming constant returns to scale, if two countries are otherwise the same, the one that is poorer grows faster
a. True b. False Indicate whether the statement is true or false
Refer to Figure 24.3. Suppose this good could somehow be produced at no cost (that is, the total cost at any level of output was zero). This single-price monopoly firm would maximize profit by
A. Raising the price as high as possible until the quantity demanded began to decrease. B. Producing Q3 and charging P3. C. Producing Q2 and charging P2. D. Producing an infinite amount and selling at the highest price possible.
Total product divided by the variable input is
A. average total cost. B. average product. C. marginal cost. D. marginal product.