Countries with the highest degrees of governmental bureaucratic inefficiency index
A. normally have the lowest measured levels of dead capital.
B. typically are nations with the lowest real GDP per capita.
C. typically are nations with the highest real GDP per capita.
D. normally have the highest measured levels of economic freedom.
Answer: B
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If a firm lowered the price of the product it sells and found that total revenue did not change, then the demand for its product is
A) perfectly inelastic. B) relatively elastic. C) perfectly elastic. D) unit elastic.
In 2008, Computers, Inc produced personal computers worth $20 million. If $16 million worth were sold and $4 million worth remained unsold at year end and were added to inventories, how much did Computers, Inc contribute to GDP in 2008?
a. $0 b. $4 million c. $12 million d. $16 million e. $20 million
The marginal cost of an airline ticket is the total cost of operating a flight divided by the number of passengers who buy tickets.
Answer the following statement true (T) or false (F)
Which is a better outcome for income and standard of living levels for large nations?
a. no tariffs b. low tariffs c. high tariffs d, equal tariffs for all nations