Between 2010 and 2014, the annual rate of output growth in China was approximately equal to
A) 2%.
B) 5%.
C) 9%.
D) 20%.
C
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Refer to the production possibilities frontier figure above. Which of the following movements requires the largest opportunity cost, in terms of good X forgone, per extra unit of good Y?
A) from point e to point d B) from point d to point c C) from point c to point b D) from point b to point a
Which of the following is the best example of variable cost?
a. depreciation on a building b. property taxes c. wages d. rent paid for one’s building
A positive externality exists and government wants to impose a subsidy in order to bring about an efficient outcome. To accomplish its objective, government must set the subsidy equal to marginal
A) private cost. B) social benefit. C) external cost. D) social cost. E) external benefit.
If a country of 300 million people has a total output of $12 trillion, its per capita output is:
A. $400,000. B. $36,000. C. $360,000. D. $40,000.