In the United States, a typical worker's income peaks around age
a. 70.
b. 60.
c. 50.
d. 40.
c
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A peak is the
A) lower turning point of a business cycle when an expansion ends. B) lower turning point of a business cycle when a recession ends. C) upper turning point of a business cycle when an expansion ends. D) upper turning point of a business cycle when a recession ends.
If Niki is willing to pay up to $5 for an ice-cream bar but she actually pays $2 for it. The consumer surplus of the ice-cream bar for Niki
A) is $2. B) is $3. C) is $7. D) cannot be determined without information about the market structure.
The level of an economic activity should be increased to the point where the ____
a. Marginal cost=0 b. Marginal revenue=0 c. Total revenue = Total cost d. Marginal revenue – marginal cost=0
The richest EU country in terms of GPD per capita is:
a. Germany b. Netherlands c. Denmark d. Luxembourg