During the past 1000 years, the income per person of the world has
a. increased each century, and it is now five times greater than the level of 1000 years ago.
b. risen rapidly in Western Europe, North America, Japan, and Australia, but there has been little change in income per person in other parts of the world.
c. increased by approximately tenfold during the past 200 years, but there was only a small increase during the 800 years prior to 1800.
d. persistently increased, but the largest increases occurred during the 1200 to 1800 era.
C
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We know that a perfectly competitive firm is a price taker because
A) its MC curve slopes upward. B) its ATC curve is U-shaped. C) its demand curve is horizontal. D) MC and ATC are equal at the profit-maximizing amount of output. E) it has no supply curve.
Because the price elasticity of supply for jumbo jets is 0.35, the supply of jumbo jets is
A) elastic. B) unit elastic. C) inelastic. D) perfectly elastic. E) perfectly inelastic.
An unexpected fall in Capacity Utilization should send bond prices __________ and stock prices __________
A) up; up B) up; down C) down; up D) down; down
What is the Portugal's opportunity cost of producing 3 bottles of wine?
