The one variable that stands out as the most significant explanation of large variations in living standards around the world is
a. productivity.
b. population.
c. preferences.
d. prices.
a
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Suppose the current account has a value of -$500,000 and the financial account has a value of $525,000. The value of the capital account is ________.
A. $25,000 B. -$25,000 C. $500,000 D. -$500,000
The above figure shows the demand, marginal revenue, and cost curves for a natural monopoly
a. Which price and quantity is set if the capture theory is correct? b. If production is at the price and quantity specified in part (a), what area represents the economic profit? c. If production is at the price and quantity specified in part (a), what area represents the deadweight loss? d. If production is at the price and quantity specified in part (a), what area represents the consumer surplus?
The law of supply states that there is
A) an inverse relationship between price and technology, ceteris paribus. B) a direct relationship between profit and quantity supplied, ceteris paribus. C) no relationship between price of resources and number of suppliers, ceteris paribus. D) a direct relationship between price and quantity supplied, ceteris paribus.
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.