If a country's economic decisions are made by an individual or small number of individuals, then it has a:
A. capitalist economy.
B. free-market economy.
C. open economy.
D. centralized economy.
Answer: D
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A firm produces output according to the production function, q = L4/3K1/2 and faces input prices equal to w = $20 and r = $80. What is the minimum cost of producing 1140 units of output?
A) Cost = $780. B) Cost = $694 C) Cost = $2,071. D) Not enough information is given to answer this problem.
A firm is making zero economic profits. From this, we know that
A) the firm is going to go out of business. B) implicit costs are zero. C) the firm is going to stay in business, but will not be able to attract new financial capital. D) the firm will stay in business since it is covering all relevant opportunity costs.
If a nation has a population of 100 million, a labor force of 60 million, and GDP of $200 billion, then GDP per capita must be
A. $2,000.00. B. $200.00. C. $3,333.33. D. $333.33.
Economic takeoff:
A. occurs when development becomes self-sustaining. B. will eventually occur in all developing countries. C. typically occurs in the absence of foreign investment. D. has yet to occur in any developing country.