determinant of a country's current productivity?
What will be an ideal response?
Natural resources human capital technology physical capital
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The above figure shows Bob's utility function. He currently has $100 of wealth, but there is a 50% chance that it could all be stolen. Bob is
A) risk averse. B) risk neutral. C) risk loving. D) risk premium.
Sandy is a big Star Wars fan and buys a $20 ticket a week in advance to the premier of the new movie. After arriving at the theater, she realizes she left the ticket at home and doesn't have time to return home and get it. Sandy can buy another ticket for $20. She decides not to because seeing the movie isn't worth $40 to her. This is an example of:
A. rational behavior because she values the movie less than $40 B. irrational behavior because she really values the movie more than $40 C. irrational behavior because the initial $20 is a sunk cost. D. rational behavior because it is a commitment device to never forget a ticket at home again.
As new firms enter a competitive price-searcher market, profits of existing firms
a. rise and product diversity in the market increases. b. rise and product diversity in the market decreases. c. decline and product diversity in the market increases. d. decline and product diversity in the market decreases.
Which of these goods will not be counted in GDP?
A. the spark plug sold by an auto parts store to go into a Ford when the original wears out. B. the Ford manufactured in the US in last year and sold in the US this year. C. the Ford manufactured in the US and sold in Canada. D. the Ford manufactured in Mexico and sold in Mexico.