Of the following Asian countries, which has the lowest level of real GDP per person?
A) China
B) Korea
C) Singapore
D) Hong Kong
A
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Approximately what percentage of the world population experiences scarcity?
A) 33% B) 50% C) 66% D) 100%
The additional revenue earned from hiring one more worker is known as the
A) marginal physical product of labor. B) marginal revenue product of labor. C) marginal factor cost of labor. D) marginal utility of labor.
According to Coasian reasoning, if negotiation is costless:
a. irrespective of the initial distribution of rights, the efficient outcome will minimize the net benefit of the group. b. the efficient outcome will minimize the net benefit of the individual who has more rights compared to the others in the group. c. irrespective of the initial distribution of rights, the efficient outcome will maximize the net benefit of the group. d. the efficient outcome will maximize the net benefit of the individual who has more rights compared to the others in a group.
Behavioral economists put significant emphasis on using models to:
A. Predict decisions, but not so much to understand how those decisions are made B. Predict decisions and also to understand how those decisions are made C. Understand decision processes, but not the prediction of the decision itself D. Understand people's actions, but not what drive people to act in certain ways