Compared to IACs, LDCs are often characterized by:
a. higher life expectancy. b. higher adult literacy rates.
c. higher daily calorie supply. d. lower per capita energy consumption.
d
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The calculation of GDP using the income approach EXCLUDES
A) rent. B) interest. C) environment quality. D) wages. E) profit.
An increase in stock prices will be a(n)
A. movement along the consumption function. B. movement down along the consumption function. C. downward shift of the consumption function. D. upward shift of the consumption function.
Suppose a retail store was offering 10 percent off list prices on all goods. The benefit of the 10 percent savings is:
A. positively related to the list price of the good. B. negatively related to the list price of the good. C. zero since costs and benefits shouldn't be measured proportionally. D. unrelated to the list price of the good.
Explain why technological progress will, at best, only temporarily allow a perfectly competitive firm to earn an economic profit.
What will be an ideal response?