Charlston, a newly industrialized country, has a female population of 2.8 million. There are 1.08 million employed males in the country, while the number of dependent males is equal to 1.52 million. The GDP of Charlston is U.S. $298 billion. The output per capita of Charlston is approximately equal to _____
a. $275,925
b. $55,185
c. $196,035
d. $275,955
e. $79,810
b
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In an oligopoly with differentiated products, firms ________
A) make positive economic profits B) incur losses C) earn zero economic profits D) do not face competition from its rivals
Reducing ________ unemployment may be beneficial for an economy, but reducing ________ unemployment to zero would definitely reduce the efficiency of the economy
A) structural and frictional; cyclical B) frictional and cyclical; structural C) the natural rate of; cyclical D) structural and cyclical; frictional
Suppose an individual's MRS (of steak for beer) is 2:1 . That is, at the current consumption choices he or she is willing to give up 2 beers to get an extra steak. Suppose also that the price of a steak is $1 and a beer is $4 . Then in order to increase utility the individual should:
a. buy more steak and less beer. b. buy more beer and less steak. c. continue with current consumption plans.
A vertical supply curve represents:
A) an inverse relationship between price and quantity supplied. B) an independent relationship between price and quantity supplied. C) an independent relationship between price and supply. D) a direct relationship between price and quantity supplied. E) a direct relationship between price and supply.