The above table shows a firm's
A) long-run costs.
B) short-run costs.
C) short-run and long-run costs.
D) More information is needed to determine if the costs are long-run costs or short-run costs.
B
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Andrew's utility of wealth schedule is depicted in the above table. Andrew is offered a job as a cook which pays $10,000. He is also offered a job as a server which will pay $5,000 if tips are poor and $15,000 if tips are good
There is a 50 percent chance that tips will be poor and a 50 percent chance that tips will be good. Given the nature of Andrew's job offers and his utility of wealth schedule, Andrew will A) accept the offer to work as a server. B) accept the offer to work as a cook. C) be indifferent between working as a cook or a server. D) be unable to reach a decision about which offer to accept.
Which of the following methods of importing technological change is available to a poor country which Gordon describes as being caught in the "poverty trap"?
A) Copy modern products made in rich countries. B) Purchase imported machinery that embodies the latest technology. C) Obtain investment by foreign firms. D) None of the above.