According to data on GDP growth between 1980 and 2009
What will be an ideal response?
many poor nations grew more rapidly than wealthy nations, while others continued to stagnate
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Use the figure below to answer the next question.
The most likely cause of a shift from AB to CD would be a(n)
A. recession. B. increase in the price level. C. increase in productivity. D. decrease in the size of the labor force.
The preceding table gives monthly production information for Peter's Peanuts, a firm in a perfectly competitive industry. The market price of peanuts is $2.00 per pound. What is the marginal product from employing the fourth worker?
A) 7 pounds of peanuts B) 100 pounds of peanuts C) 400 pounds of peanuts D) 2,800 pounds of peanuts
Suppose the economy is at full employment and firms become more optimistic about the future profitability of new investment. Which of the following will happen in the short run?
A) Unemployment will decline. B) The aggregate demand curve will shift to the left. C) Output will decline. D) Prices will decline.
A firm that is producing the quantity at which marginal cost exceeds both average total cost and the market price will increase its economic profit by _______
A. producing a larger quantity B. raising the price to equal marginal cost C. producing a smaller quantity D. producing the quantity that minimizes average total cost