With respect to economic freedom, which of the following is TRUE?
A) Three out of four people live in nations with governments that grant residents high degrees of economic freedom.
B) About three dozen nations with governments unwilling to grant much in the way of economic freedom are home to two-thirds of the world's population. Even so, these countries produce over 50 percent of the world's output.
C) Where governments do not grant residents a high degree of economic freedom, economic growth rates tend to be above the annual average for the world's nations.
D) As economic freedom increases, so does a nation's prospects for economic growth.
D
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Refer to Figure 4-4. What is the value of producer surplus at the equilibrium price of $15?
A) $80 B) $160 C) $240 D) $400
According to the table shown, when 1 unit is produced:
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.
A. marginal costs exceed marginal revenue, and the firm should produce more.
B. marginal revenue exceeds marginal costs, and the firm should produce more.
C. marginal revenue exceeds marginal costs, and the firm should produce less.
D. marginal costs exceed marginal revenue, and the firm should produce less.
Diminishing marginal utility means that: a. marginal utility is maximized when consumers get the same amount of total utility from every good they consume. b. beyond some point, added units of a product provide lower and lower amounts of marginal utility
c. a consumer would get more utility from the last unit of a good consumed when that good costs $3 than when it costs $1. d. both (b) and (c) are true.
If the unit of foreign currency is the peso, in which case is the real exchange rate 1.2?
a. the U.S. price is $2, the foreign price is 5 pesos, and the exchange rate is 3 pesos per dollar. b. the U.S. price is $3, the foreign price is 18 pesos, and the exchange rate is 5 pesos per dollar. c. the U.S. price is $5, the foreign price 12 pesos, and the exchange rate is 2 pesos per dollar. d. the U.S. price is $10, the foreign price is 3 pesos, and the exchange rate is 4 pesos per dollar.