Income inequalities are greatest in
A. Developed countries such as Japan.
B. Poor countries such as Namibia.
C. Countries with high levels of GDP.
D. Rich countries such as the United States.
Answer: B
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Suppose a country operates on its production possibility frontier when it produces 1000 books and 1000 tables. The combination of ________ reflects ________
A) 500 books and 1000 tables; an inefficient but attainable point. B) 500 books and 500 tables; an attainable and efficient point. C) 1000 books and 1500 tables; a free lunch. D) 1000 books and 1000 tables; a free lunch. E) 1000 books and 500 tables; an efficient point.
An increase in the price of a firm's output
A) raises the value of marginal product of each unit of labor. B) shifts the firm's demand for labor curve rightward. C) results in the firm increasing the amount of output it produces. D) All of the above answers are correct.
Consider a society consisting of just a farmer and a tailor. The farmer has 10 units of food but no clothing. The tailor has 20 units of clothing but no food. Suppose each has the utility function U = F ? C. Derive the contract curve
What will be an ideal response?
Given that the firm wants to sell both the versions, how high can the high-end professional knives be priced?
a. $60 b. $70 c. $80 d. $100