According to the text, the 17 countries with high degrees of economic freedom
A) account for 81 percent of total world output.
B) account for less than 25 percent of total world output.
C) have the weakest economies.
D) have low productivity.
A
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The short-run Phillips curve will not shift unless there is
A) an increase in inflation that is unanticipated. B) a decrease in inflation that is unanticipated. C) a change in inflation expectations. D) an increase in the unemployment rate.
International resources shared by all countries such as oceans and air are known as
(a) global commons. (b) free rider problems. (c) nonrenewable resources. (d) cooperative resources.
Refer to the table below. If Sweet Grams is a perfectly competitive firm and the market price $1.00 per unit, what is the profit-maximizing total quantity for Sweet Grams to produce?
Sweet Grams makes graham cracker snack packages. Sweet Grams is a multi-plant firm with two production facilities. The above table summarizes the total marginal cost of production at various output levels in the separate plants. Assume Sweet Grams is a perfectly competitive firm.
A) 47,000
B) 22,500
C) 24,500
D) 52,000
Saving is necessary for production because
a. more roundabout production is better b. less roundabout production is better c. production takes time d. production is expensive e. production requires labor