A firm that cheats in a cartel earns a higher profit because:
a. it can spill over its cost onto other firms
b. it suffers only a fraction of loss due to lower product price.
c. it is able to charge a higher price for its output.
d. it can decrease the output of other firms.
b
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The gross domestic product of Neonland is 450,000 neons. It has a total population of 1,500. 30% of the total population in Neonland comprises of retired workers, 50% of the population is employed, and the remaining are unemployed children
i) Calculate the income per capita of Neonland. ii) What is the income per worker of Neonland? iii) Is there a difference between the two measures? If yes, explain the reason behind this difference.
The last U.S. president to be in office when the government had a budget surplus was
A) George H. Bush. B) Dwight D. Eisenhower. C) Ronald Reagan. D) George W. Bush. E) Bill Clinton.
Do you think that information technologies will someday eliminate asymmetric information problems?
What will be an ideal response?
In the circular flow diagram, who owns the factors of production and consumes all of the goods and services produced?