When Mother Theresa won the Nobel Peace Prize, the monetary award was well in excess of $100,000 . Did she accept the money? If so, what did she do with it?
Mother Theresa used the money to help the poor, whom she spent a lifetime assisting. While we consider Mother Theresa to have been one of the most unselfish of people, it is clear that she could have gained more of what she valued if she had more money.
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Which of the following statements is true of marginal analysis?
A) Marginal analysis is a tool used in optimization in levels. B) Marginal analysis compares the consequences of doing one more step of something. C) Marginal analysis of alternatives will mostly give an outcome different from optimization in levels. D) Marginal analysis involves the calculation of total net benefits of all the available alternatives.
One of the key factors that determine an economy's real GDP is labor productivity, which is a measure of
a. output per hour of work. b. labor force per hour. c. input per hour worked. d. total hours worked.
According to the law of one price,
a. there exists only one price that will clear a competitive market. b. the long-run price of a commodity will equal the marginal cost of production. c. identical goods will sell for identical prices. d. the price of a good must equal the value of the labor used to produce it.
The imposition of a new excise tax will
A. increase equilibrium price and decrease equilibrium quantity. B. decrease equilibrium price and decrease equilibrium quantity. C. increase equilibrium price and increase equilibrium quantity. D. decrease equilibrium price and increase equilibrium quantity.