The Third World consists of _____
a. all communist countries
b. the nations in the Southern Hemisphere
c. all former British colonies
d. all non-English-speaking countries
e. all less-developed countries
e
Economics
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Suppose that the production function for the economy is Y = AK0.5L0.5. If the capital stock = 40,000, the quantity of labor = 10,000, and the efficiency index = 3, real GDP is
A) $60,000. B) $75,000. C) $150,000. D) $300,000.
Economics
Explain why some costs are considered to be variable and some fixed. How does time enter into the definition?
Economics