The rate of natural increase in the population of developing countries is most correlated with
(a) advances in developed country technology
(b) increases in developing country income
(c) an increase in the fertility rate
(d) all of the above.
A
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If an increase in autonomous consumption spending of $10 million results in a $50 million increase in equilibrium real GDP, then
A) the MPC is 0.5. B) the MPC is 0.75. C) the MPC is 0.8. D) the MPC is 0.9.
The following table depicts both the product and labor markets for imported coffee. What is the total revenue when 15 workers per day are hired?
A) $5,000 B) $6,750 C) $7,350 D) $7,500
A prisoner's dilemma illustrates situations in which:
A. there is a conflict between the narrow self-interest of individuals and the broader interests of a group. B. resources with the lowest opportunity cost should be used first. C. efficiency is an important social goal. D. everyone does best when each person specializes in the activities in which he or she has a comparative advantage.
Which of the following is NOT a characteristic of a monopolistically competitive market?
A. There is only one firm selling a product. B. There are many firms selling products that are similar but not identical. C. There are many firms that have some control over price. D. There are no artificial barriers to entry.