What fraction of the world's population lives on no more than $2 a day?
A. 1/10
B. 1/4
C. 1/2
D. 3/4
C. 1/2
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The sum of past federal budget deficits is the:
a. GDP debt. b. trade debt plus GDP. c. national debt. d. Congressional debt.
Which of the following investments can be classified as specific assets?
a. Opening a restaurant in the business district of a city. b. Purchase of additional cotton bales expecting a rise in demand for cotton garments. c. Leasing out land in a tourist spot to build a retail outlet. d. Purchasing specialized equipment for a hydro-electric power project that will not produce electricity at a different location.
Producers of computer software are plagued with the problem of “pirating,” that is, many people copy software legally purchased by others. The industry estimates that for each legal copy of a program, there are two pirated copies in use. The industry wants strict laws for the enforcement of its “intellectual property rights,” but enforcement is obviously very difficult. Economists call this problem
A. depletability. B. externality. C. durability. D. nonexcludability.
You are thinking about traveling to visit friends in Portland. You can fly or take the bus. A ROUND-TRIP plane ticket costs $300, and it takes three hours to get from your house to your friend's house if you fly. A ROUND-TRIP bus ticket costs $150 and it takes 10 hours to get door-to-door using the bus.What is the minimum value of your time necessary to induce you to buy the plane ticket instead of taking the bus?
What will be an ideal response?