In general, the number of years it will take for income to double at the current real growth rate is approximately:
A. 70 divided by the growth rate.
B. 7 times the growth rate.
C. 50 divided by the growth rate.
D. 5 times the growth rate.
Answer: A
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The figure above illustrates the marginal private cost and the marginal social cost to the city of Seattle for each rock concert that is offered. At 10 concerts, the
A) marginal private cost equals the marginal external cost. B) marginal social cost equals $60,000. C) marginal private cost is more than $40,000. D) marginal external cost equals $60,000. E) marginal external cost equals $80,000.
Suppose the state legislature in your state imposes a state licensing fee of $100 per year to be paid by all firms that file state tax revenue reports. This new business tax:
A) increases marginal cost. B) decreases marginal cost. C) increases marginal revenue. D) decreases marginal revenue. E) none of the above
When MR a. Demand is flat
b. Demand is upright
c. Demand is elastic
d. Demand is inelastic
The value of the micro-processor used in the production of a cell phone is included in the calculation of GDP
a. True b. False Indicate whether the statement is true or false