GDP per capita is one way to measure an economy's growth. China and India began to progress when they allowed private ownership, around ____. Since then, there has been steady, strong growth in these economies
a. 1960
b. 1970
c. 1980
d. 1990
e. 2000
d
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Is it true that in the long run it is impossible for firms functioning in a perfectly competitive market to earn positive economic profits? Explain your answer
What will be an ideal response?
Perfect Shots is company specializing in wedding photos and they have a fixed advertising budget. Perfect Shots advertises on the radio and the television and it costs $5,000 per unit of radio advertising and $15,000 per unit of television advertising. At their current advertising levels, the marginal benefit from radio advertising is $4,800 and the marginal benefit from television advertising is
$15,250. To optimally allocate their advertising budget, Perfect Shots should ________. A) decrease the amount of advertising in radio and increase the amount of advertising in television B) decrease the amount of advertising in radio and television C) increase the amount of advertising in radio and television D) increase the amount of advertising in radio and decrease the amount of advertising in television
In the United States, the IRS estimates that about one ____ of individual income tax due to the federal government is not paid.
Fill in the blank(s) with the appropriate word(s)
To promote good economic outcomes, policymakers should strive to enact policies that
a. enhance productivity. b. enhance individuals' market power. c. result in a rapidly-growing quantity of money. d. All of the above are correct.