If the aggregate income of an island country is $8 million and income per capita is $5,000, the total population of the island is ________
A) 1,600 B) 106,000 C) 40,000 D) 20,000
A
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What is the effect on real GDP per person if labor productivity increases?
What will be an ideal response?
The general rule to increase profits when two close complementary brands are jointly owned is
a. Increase prices for both brands b. Decrease prices for both brands c. Increase prices on one brand, decreasing it for the other d. Increase prices on one brand, keeping the prices of the second brand constant
Economic profit is equal to total revenue minus the
a. explicit cost of producing goods and services. b. opportunity cost of producing goods and services. c. accounting cost of producing goods and services. d. implicit cost of producing goods and services.
Refer to the following indifference map for a consumer who has an income of $48 to spend on goods X and Y and the market prices of X and Y are both $4: In order to maximize utility subject to her budget constraint, this consumer should buy how many units of good X?
In order to maximize utility subject to her budget constraint, this consumer should buy how many units of good X?
A. 6 B. 0 C. 8 D. 12 E. 4