Which countries demonstrate the theory of convergence with their closing of the gap with world leaders?
a. Hong Kong
b. Singapore
c. South Korea
d. All of the above
d
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The additional output produced by adding one more unit of an input is the:
A. marginal product. B. average product. C. total production. D. slope of the marginal product curve.
Refer to the above diagram showing the average total cost curve for a perfectly competitive firm. Suppose that average variable cost is $8 at 40 units of output. At that level of output, total fixed cost:
A. is $2.
B. is $40.
C. is $80.
D. cannot be determined from the information provided.
The supply curve of a perfectly competitive firm is:
A. the marginal cost curve only if price exceeds average total cost. B. nonexistent. C. the average total cost curve only if price exceeds average variable cost. D. the marginal cost curve only if price exceeds average variable cost.
Use the following data to answer the next question.The disposable income (DI) and consumption (C) schedules are for a private, closed economy (an economy with no government and no international trade). All figures are in billions of dollars.Disposable IncomeConsumption$300$310350340400370450400500430The marginal propensity to consume is
A. 0.80. B. 0.60. C. 0.40. D. 0.75.