For a perfectly competitive firm, profit maximization occurs when
A. marginal revenue equals marginal cost.
B. marginal revenue equals average total cost.
C. marginal cost is equal to average total cost.
D. average total cost is at its minimum.
Answer: A
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During 2008, Swaziland had a real GDP growth rate of 1.8 percent and a real GDP growth rate per person of -1.3 percent. These rates indicate that in Swaziland
A) the population grew at a faster rate than real GDP. B) real GDP grew more rapidly than did the population. C) there was an error when calculating the growth rates because the growth rate of real GDP per person cannot be negative. D) poverty levels are declining. E) the population growth rate was negative.
What type of business has the potential for double taxation of profits and why?
What will be an ideal response?
The Industrial Revolution
A) marked the beginning of significant economic growth in the world. B) produced goods exclusively using human or animal power. C) had no impact on standards of living in the world. D) started in France around the year 1750.
With a union, the total number of workers hired is where
A. The marginal wage is negative. B. Employment is lower than at the competitive equilibrium. C. Employment and wages are both at the maximum possible levels. D. Employment could not be increased by reducing the wage rate.