Compared to workers in richer countries, workers in developing countries have
A. lower productivity and lower wages.
B. higher productivity and higher wages.
C. higher productivity but lower wages.
D. the same productivity but lower wages.
Answer: A
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The monopolist will maximize profits at the output level for which:
A. marginal revenue equals marginal cost. B. price equals marginal cost. C. price equals average total cost. D. marginal revenue equals average total cost.
If a good is nonexcludable,
a. the providing it is Pareto optimal b. people have an incentive to become free riders on that good c. then it is probably also nonrival d. then it is a pure public good e. then it is a pure private good
A binary variable is a variable whose value changes with a change in the number of observations.
Answer the following statement true (T) or false (F)
The quantity of money demanded is the
A) average daily volume of bank account withdrawals. B) amount that people and businesses choose to hold. C) fraction of cash holdings in an average investment portfolio. D) income and volume of profits that people and businesses would like to receive. E) sum of checkable and savings deposits at banks.