Which of the following distinguishes industrially advanced countries from less-developed countries?
a. GDP per capita.
b. Educational attainment of the workforce.
c. Extent to which capital is technologically advanced.
d. All of the above.
d
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The difference between a firm's total revenue and its total opportunity cost is the firm's
A) normal profit. B) economic profit. C) marginal profit. D) marginal revenue.
The income elasticity of demand for restaurant meals is 1.61. So
A) if income increases by 16.1 percent, the quantity demanded of restaurant meals will increase by 10 percent. B) if income increases by 10 percent, the quantity demanded of restaurant meals will increase by 16.1 percent. C) restaurant meals are an income elastic normal good. D) Both answers B and C are correct.
Since 1980, the share of temporary workers in total U.S. employment has ________
A) declined B) increased C) remained essentially unchanged D) been impossible to determine
A $100 million loan with a haircut of four percent requires collateral valued at ________
A) $104 million B) $96 million C) $4 million D) $400,000