The World Bank classifies countries as developed or developing on the basis of their:
a. disposable income.
b. disposable income per capita.
c. real income per capita.
d. GNP per capita.
d
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Which diagram best represents the problem faced by farms in the long run?
A. A.
B. B.
C. C.
D. D.
Physical objects are rival in the sense that ________
A) they are necessarily in opposition to one another B) they are nontrivial C) when they are used in one activity, they cannot be used in another D) some countries possess natural resources, e.g. oil, while some do not
Which feature of a market would contribute most to overall social welfare?
a. Low prices and high outputs b. Reduction in costs due to technological improvements c. The invention of new products d. Difficult to weigh a, b, and c without further information about society's preferences
Suppose the demand function for cable TV service is given by QCTV = 15 - 0.25 × PCTV + 0.0005 × M + 0.3 × PSTV, QCTV is the quantity of cable TV demanded (thousands of households), PCTV is the price of cable TV, M is income and PSTV is the price of satellite TV service. Suppose consumers' income is $50,000 and the price of satellite TV service is $90. How many households would demand cable TV if it were free?
A. No households B. 15,000 households C. 67,000 households D. Every household would demand cable TV if it were free.