All else constant, if a nation's potential output doubles in 36 years, its average annual growth rate is
A. approximately 1%
B. approximately 2%
C. approximately 3%
D. approximately 4%
Ans: B. approximately 2%
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Mothers Against Drunk Drivers (MADD) campaigned to increase the legal penalties of drunk driving. This successful campaign ________ of drunk driving
A) increased the marginal benefit B) decreased the marginal benefit C) increased the marginal cost D) decreased the marginal cost E) had no effect on the marginal cost or marginal benefit but did affect the total benefit
Refer to Table 1-3. What is Santiago's marginal benefit if he decides to stay open for an extra two hours instead of one hour?
A) $40 B) $50 C) $120 D) $190
Between 1979 and 2009, ________ real GDP per capita was less than that of ________
a. the United States'; Japan b. the United States'; the United Kingdom c. the United States'; France d. Canada's; Germany
A perfectly competitive firm will shut down rather than produce if its
A) price is less than average variable cost. B) price is less than total variable cost. C) total revenue is less than total cost. D) price is less than marginal cost.