Which of the following are problems that may limit economic growth in developing countries?
a. geography
b. health
c. governance
d. all of the above.
d
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Which is true regarding cyclical unemployment?
i) Cyclical unemployment is positive at business cycle peaks. ii) Cyclical unemployment is negative at business cycle troughs. iii) Cyclical unemployment is zero at full employment. A) iii only B) i and ii C) i and iii D) i, ii and iii E) i only
In the above figure, the firm will produce
A) 0 units. B) 5 units. C) 15 units. D) 20 units.
Prospective sunk costs
A) are relevant to economic decision-making. B) are considered as investment decisions. C) rise as output rises. D) do not occur when output equals zero.
Unlike implicit costs, explicit costs:
a. reflect opportunity costs. b. include the value of the owner's time. c. are not included in the accounting statement of the firm. d. are actual cash payments. e. do not change with the output rate of the firm.