Which of the following factors are considered by economists who study economic development to be directly related to the rate of economic growth?
A) plentiful natural resources
B) openness to international trade
C) an educated population
D) All of the above are correct.
D
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Which of the following will happen if some firms in a monopolistically competitive market incur losses in the short run and the market conditions are not expected to change?
A) The existing firms will continue production in the long run. B) The demand for the goods produced by the firms will decrease. C) New firms will enter the industry in the long run. D) Some firms will exit the industry in the long run.
At an output level of 100, a monopolist faces MC = 15 and MR = 17. At output level q = 101, the monopolist faces MC = 16 and MR = 15. To maximize profits, the firm
A) should produce 100 units. B) should produce 101 units. C) The firm cannot maximize profits. D) The firm is not a monopoly.
The marginal propensity to consume (MPC) is the change in consumption divided by the change in saving
a. True b. False Indicate whether the statement is true or false
When the top marginal tax rate fell from 40 to 35 percent, with other things the same, the U.S. income tax system became:
A. more progressive. B. regressive. C. proportional. D. less progressive.