If someone experiences diminishing marginal utility when eating a restaurant meal, he or she should not eat the restaurant meal
Indicate whether the statement is true or false
F
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Define and discuss GDP
What will be an ideal response?
Initially, the economy is at point B on Figure 10-1 above. According to the Solow model of growth, in the short run, the discovery of a cold fusion process which reduces the cost of energy by 50%, ceteris paribus, will shift the economy from ________
. A) B to H, increasing per capita output without increasing capital per capita B) B to C, increasing per capita output with increasing capital per capita C) B to C, increasing per capita output without increasing savings D) B to I, increasing output, saving and capital per capita
Which of the following statements correctly uses the concept of opportunity cost in decision making?
I. "Because my secretary's time has already been paid for, my cost of taking on an additional project is lower than it otherwise would be." II. "Since NASA is running under budget this year, the cost of another space shuttle launch is lower than it otherwise would be." A) I is true, and II is false. B) I is false, and II is true. C) I and II are both true. D) I and II are both false.
If a firm can earn a profit stream of $50,000 per year for 10 years, that profit stream is worth
A) more than $500,000 today. B) $500,000 today. C) less than $500,000 today, but a positive amount. D) nothing today E) some amount, but whether it is more, less or the same as $500,000 cannot be determined.