Based on the production and revenue data in the above table, if the wage rate is $20 per worker, how many workers will be hired?
A) 5
B) 4
C) 3
D) 2
A
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During 2014, the country of Economia had a real GDP of $115 billion and the population was 0.9 billion. In 2013, real GDP was 105 billion and the population was 0.85 billion. In 2014, real GDP per person was
A) $128. B) $124. C) $135. D) $117.
If a competitive firm finds that it maximizes short-run profits by shutting down, which of the following must be true?
A) p < AVC for all levels of output. B) p < AVC only for the level of output at which p = MC. C) p < AVC only if the firm has no fixed costs. D) The firm will earn zero profit.
In order to avoid problems involved with calculating percentage changes over a wide range, economists use the base or midpoint formula to calculate percentage changes when measuring the price elasticity of demand
a. True b. False Indicate whether the statement is true or false
In an open economy, a society's consumption possibilities are typically ________ its production possibilities.
A. less than B. unrelated to C. equal to D. greater than