In an idealized laissez-faire world, the distribution of products is
A. the most efficient.
B. the most fair.
C. purely random.
D. unpredictable.
Answer: A
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Assume the total real output of a developing country increases from $8 billion to $8.2 billion while its population expands from 14 to 15 million people from one year to the next. Over the year, real GDP per capita has ________.
A. decreased by $25 per person B. increased by $533 per person C. decreased by $533 per person D. increased by $25 per person
An increase in the price level causes a movement down the aggregate demand curve
Indicate whether the statement is true or false
Suppose you put $500 into a bank account today. Interest is paid annually and the annual interest rate is 3%. The future value of the $500 in 5 years to the nearest cent is
a. $575.00 b. $578.81 c. $579.64 d. None of the above is correct.
The firm's supply curve in the short run is given by
A) The segment of the marginal cost curve above average variable cost. B) The segment of the marginal cost curve above the break-even price. C) The segment of the marginal cost curve above average total cost. D) None of the above.