Refer to the scenario above. Which of the following will happen if Mike starts charging $30 for mowing lawns that were earlier mowed by their owners?
A) Per capita income will remain unchanged B) GDP will increase.
C) GDP will decrease D) Per capita income will decrease.
Edwin grows potatoes on his farm. A part of the output is consumed by Edwin's family and Edwin sells the remaining in the market.
B
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The table above shows techniques that can be used to produce 100 shirts. If the price of an hour of labor is $6 and the price of a unit of capital is $30, then the economically efficient technique is
A) W. B) X. C) Y. D) Z.
In a graph with output on the horizontal axis and total revenue on the vertical axis, what is the shape of the total revenue curve for a perfectly competitive seller?
A) a ray from the origin B) inverted U-shaped C) U-shaped D) a horizontal line
The conditions for unaligned retailer and manufacturer incentives include
a. customers are familiar with the product before they shop for it b. retailers have no opportunity to educate consumers c. manufacturers have little scope for educating consumers d. demand for the product is decreased with some consumer education
Mutual recognition is more efficient than other approaches to setting standards
Indicate whether the statement is true or false