The high pay of professional basketball players
a. is earned despite the recent drop-off in popularity of pro basketball
b. reflects the increased supply of skilled basketball players
c. is not justified by the quantity of their play
d. is due to the decline in quality of college basketball players
e. reflects the limited supply of basketball talent and the growing demand for that talent
E
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An imperfectly competitive firm has the following total cost curve: C = 100 + 4Q. What is total cost equal to when Q = 10?
What will be an ideal response?
The monopolist's demand curve is:
a. identical to the market demand curve. b. identical to the marginal revenue curve. c. below the marginal revenue curve. d. a horizontal line at the market price. e. a U-shaped curve.
Lags in the approval and implementation of fiscal policy: a. weaken fiscal policy as a tool of economic stabilization
b. increase the effectiveness of fiscal policy as a tool of economic stabilization. c. help legislators better assess what policies are most appropriate to adopt. d. make fiscal policy more responsive to the current economic environment. e. cause fiscal policy to be more effective at changing the level of real GDP than changing the price level only in the long run.
One-third of the world's population live in China and India. How did the growth rate of these two countries compare with the growth of high income industrial countries during 1980-2009?
What will be an ideal response?