In the above table, when 200 brownies are produced
A) marginal social benefit is greater than marginal social cost, and resource use is efficient.
B) marginal social benefit is greater than marginal social cost, and there is a deadweight loss.
C) marginal social benefit equals marginal social cost, and resource use is efficient.
D) marginal social benefit is less than marginal social cost, and there is a deadweight loss.
B
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Of the two economic growth theories, which is the most optimistic about the chances of real GDP per person growing indefinitely? Which is the most pessimistic? What accounts for the differences?
What will be an ideal response?
The law of demand refers to how
A) demand changes when people's incomes change. B) demand changes when the prices of substitutes and complements change. C) the quantity demanded changes when the price of the good changes. D) the price of the good changes when people's demand for the good changes. E) the quantity demanded changes when the demand for the good changes.
Real GDP equals $12 trillion and aggregate hours equals 300 billion hours. What does labor productivity equal?
What will be an ideal response?
A decrease in the price of inputs will cause the supply curve for a product to shift to the right
Indicate whether the statement is true or false