Which of the following is the BEST example of a private good?
A) a can of Mountain Dew
B) fish in the ocean
C) cable television
D) national defense
A
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Refer to the below graphs. (Assume that the pre-migration labor force in Country A is 0d and that it is 0u in country B.) The migration of labor from low-income country B to high-income country A will:
A. Increase wages in country A and decrease wages in country B
B. Decrease wages in country A and decrease wages in country B
C. Decrease wages in country A and increase wages in country B
D. Increase wages in country A and increase wages in country B
Suppose Sarah owns a small company that makes wedding cakes. The table below shows how Sarah's total cost varies depending on the number of wedding cakes she makes each day.Number ofCakes Per DayTotal CostPer Day0$1001$1802$2203$3004$4005$5206$660If the market for wedding cakes is perfectly competitive, and wedding cakes sell for $95 each, then Sarah should produce ________ cakes per day.
A. 6 B. 3 C. 5 D. 0
Which of the following countries devote the smallest percentage of its GDP to taxes?
a. The United Kingdom. b. Sweden. c. Germany. d. The United States.
Recall the Application about the link between happiness and GDP to answer the following question(s). Comparing changes in happiness to changes in per capita income over the last 30 years, economists at Dartmouth College and Warwick University have measured levels of happiness in the United States and United Kingdom based on income levels, ethnicity, age, and gender.According to the Application:
A. reported levels of happiness in the United States have increased over the past 30 years. B. stable marriages account for no more happiness than marriages ending in divorce. C. retired people report higher levels of happiness than people below the age of 40. D. money does appear to buy happiness, ceteris paribus.