Which of the following is true?
a. Poor countries are unable to ignite the growth process unless they receive financial aid from richer countries.
b. Countries that fail to adopt institutions and policies supportive of trade, entrepreneurial discovery, and private investment will remain poor in the foreseeable future.
c. Countries that lack an abundance of natural resources have been unable to grow and achieve high income levels.
d. Countries with a large population relative to their land area are destined to remain poor.
B
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The Framing Gallery frames posters and has total fixed costs of $1,000. The Framing Gallery is currently framing ________ posters if its average variable cost is $20 and its average total cost is $30.
A. 25 B. 100 C. 5 D. an indeterminate number of
In order to maximize utility, consumers _____
a. continue to make purchases until the marginal utility of each good is zero b. compare the marginal utilities of the last dollar spent on each good c. equate the total utilities of each good consumed d. continue to purchase a good until total utility is equal to zero e. will continue purchasing till diminishing marginal utility is not achieved
Entrepreneurs are people who ______.
a. sit on a corporate board of directors
b. earn profits
c. pay dividends
d. startup businesses
Natural monopolies enjoy strong economies of scale, and so as output increases:
A. average costs are continually falling. B. average costs are continually rising. C. marginal costs are continually rising. D. marginal revenue is continually falling.