When a country decides to produce fewer bombers and more public housing projects, it is answering the ________ part of one of the two big economic questions
A) "how"
B) "what"
C) "defense"
D) "for whom"
B
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When market wages increase in a perfectly competitive market, then
A) the marginal factor cost increases. B) the marginal product increases. C) the marginal factor cost decreases. D) the marginal product decreases.
The formula (MPL)(MRX), where L is for labor and X is the output, is for
A. the marginal product of labor. B. the marginal revenue from labor. C. total revenue of labor. D. the marginal revenue product of labor.
Refer to the above table. Country A has a per capita real GDP of $1000 and B has a per capita real GDP of $10,000. A is growing at a rate of 5 percent a year and B at a rate of 4 percent a year
After 50 years, how much larger is per capita real GDP in B than A? How much is this in real dollars? A) B is 12 times larger, or $230,000 larger on a real per capita basis. B) B is 8 times larger, or $175,000 larger on a real per capita basis. C) B is a little less than 2 times smaller, or almost $20,000 smaller on a real per capita basis. D) B is a little over 6 times larger, or almost $60,000 larger on a real per capita basis.
If the World Bank makes loans to nations that can attract private funds
A) the increase in growth in that nation will spill over to other nations that are developing. B) the presence of the World Bank's loans will lead to even more private funds being attracted to that country. C) the World Bank's loans will crowd out the private funds made to developing nations to encourage economic growth. D) these loans will interfere in the private market for capital goods and can lead to inefficient investment.