The idea that a persons productive efforts and his or her economic rewards are unrelated:
A. is the neocolonialism view of economic development.
B. describes the vicious circle of poverty.
C. is the surplus labor theory of economic development.
D. is the capricious universe view.
D. is the capricious universe view.
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A bank's remaining value after it has met all its liabilities is known as a
A) bank's assets. B) bank's liabilities. C) bank capital. D) bank's income.
What rule(s) should a firm follow in deciding optimum output for profit maximization?
What will be an ideal response?
Consider two countries: Eastland and Westland. Eastland's long-run Phillips curve sits further to the right than does Westland's long-run Phillips curve. Eastland and Westland are identical in all other ways. In particular, they have the same money supply growth rates. In the long run, compared to Westland, which of the following will we observe in Eastland?
a. higher unemployment and higher inflation. b. higher unemployment and the same rate of inflation. c. lower unemployment and higher inflation. d. None of the above is correct.
The above table has the total revenue and total cost schedule for Omar, a perfectly competitive grower of rutabagas. Omar's total profit is maximized when he produces ________ bushels of rutabagas
A) 3 B) 5 C) 6 D) 8 E) 7