Assume that an economy has 2000 workers, each working 4000 hours per year. If the average real output per worker-hour is $10, then total output or real GDP will be:
A. $20 million.
B. $100 million.
C. $80 million.
D. $40 million.
Answer: C
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Refer to Table 15-4. What is Shakti's profit-maximizing output?
A) 4 units B) 5 units C) 6 units D) 7 units
Refer to Scenario 17.1. If the threshold educational level y* is set at 7,
A) only individuals in Group A will attain it. B) only individuals in Group B will attain it. C) individuals in both groups will attain it. D) no individuals will attain it. E) some fraction of individuals in each group will attain it.
Which characteristic of perfect competition ensures that economic profit will be zero in the long run?
a. each firm's output is small in relation to total market supply b. buyers and sellers are fully informed about the price and availability of all resources and products c. the product is homogeneous d. there is freedom of entry and exit in the market e. firms are price takers
In the circular flow diagram,
a. money flows from the firms to the households through the product market b. money flows from the households to the firms through the product market c. money flows from the households to the firms through the resource market d. money flows from the households to the firms through both the product market and the resource market e. resources flow to the households from the firms through the product market