The per capita output of an economy is likely to increase if:
a. the number of workers in the economy grows faster than its population
b. the population of the country grows faster than its labor force.
c. the government increases the tax rates.
d. the government controls the number of illegal immigrant workers in the economy.
e. the government manages the foreign investment in the economy.
a
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Any consequentialist approach to normative economics that uses standard indifference maps as social indifference maps (over utilities or consumption) will choose efficient outcomes in the first-best case.
Answer the following statement true (T) or false (F)
Which of the following statements is true about profit?
A) Profit refers to the revenue received from the sale of a quantity of goods. B) The terms "accounting profit" and "economic profit" can be used interchangeably. C) Profit is calculated by multiplying price and quantity sold. D) Profit is the difference between revenue and cost.
What is the present value of ten payments of $200 at the end of each of the next ten years if the interest rate is 7 percent?
A) $1,396.78 B) $890.00 C) $1,825.36 D) $1,404.71
Consider a market that is in equilibrium. If it experiences a decrease in demand, what will happen? The demand curve will shift to the:
A. left, and the equilibrium price and quantity will rise. B. left, and the equilibrium price will increase and the equilibrium quantity will decrease. C. left, and the equilibrium price and quantity will fall. D. right, and the equilibrium price and quantity will fall.