When Mother Teresa used her $190,000 Nobel Peace Prize to construct a leprosarium, she was
A) behaving irrationally.
B) behaving selfishly.
C) not behaving in a truly voluntary way.
D) pursuing her self interest.
E) violating the fundamental laws of economics.
D
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The per-worker production function shows the relationship between ________ per hour worked and ________ per hour worked, holding ________ constant
A) capital; labor; real GDP B) capital; real GDP; technology C) labor; capital; real GDP D) labor; real GDP; technology
When a few rival groups spend money in competition for a license that grants them a monopoly for the provision of cable TV for an area, economists label this activity
a. perfect competition. b. oligopoly. c. monopolistic competition. d. rent seeking.
The consumption function implies that
A. Consumption increases as disposable income increases. B. Autonomous consumption changes when people have low incomes. C. Disposable income inversely influences consumption. D. None of the choices are correct.
Total revenue decreases if price ________ and demand is ________.
A. rises; inelastic B. rises; unit elastic C. falls; elastic D. falls; inelastic