In Econland population increased from 1 million to 1. 1 million, the number of employed workers increased from 500,000 to 600,000, but average labor productivity decreased from $20,000 per worker per year to $19,000 per worker per year. Total output in Econland ________ and the average standard of living ________.
A. increased; increased
B. decreased; decreased
C. increased; decreased
D. decreased; increased
Answer: A
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Which game does the Cournot model most resemble and why?
a. the Battle of the Sexes because firms need to coordinate their outputs. b. the Battle of the Sexes because firms disagree on which outcome is best. c. the Prisoners Dilemma because firms don't maximize joint payoffs in equilibrium. d. the Prisoners Dilemma because firms play dominant strategies.
______ has taken on some negative political connotations because more international trade and more immigration inevitably creates some losers as well as many winners.
A. Globalization B. Protectionism C. Competition D. None of the above is correct.
A fixed cost is one that
a. increases only when output increases b. has already been paid c. does not vary with output d. diminishes over time e. cannot be recovered with profit
Suppose there is a market in which the firms hold the following market shares: 25%, 20%, 18%, 15%, 8%, 7%, 4%, 2%, 1%. What is the concentration ratio for this market?