What is one reason why it is can be easier for developing nations have greater economic growth than developed nations?
a. They usually have lower population growth, so their GDP per capita is higher.
b. They tend to have higher rates of education than more developed nations.
c. They typically enjoy better protection of property rights by their governments than developed nations.
d. They can adopt technology already developed by more advanced countries.
d. They can adopt technology already developed by more advanced countries.
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A perfectly competitive firm's supply curve
A) shows the relationship between the price and the quantity the firm will produce. B) is the portion of the marginal cost curve above the average variable cost curve. C) is upward sloping. D) All of the above are correct.
If two workers can produce 22 units of output, and the addition of a third worker increases output to 30 units, the marginal product of the third worker is
a. 8 units. b. 10 units. c. 22 units. d. 30 units.
A demand schedule is a table that shows the relationship between
a. quantity demanded and quantity supplied. b. income and quantity demanded. c. price and quantity demanded. d. price and income.
Consider a firm that operates in a perfectly competitive market. The firm is producing at its profit maximizing output level. If this is true, then a. average revenue is maximized
b. the firm must be earning a positive economic profit. c. marginal revenue is greater than the market price. d. price must be equal to marginal cost.