When the price of a product exceeds the marginal cost of producing it, producers have a
A) consumer surplus.
B) producer surplus.
C) consumer shortage.
D) producer shortage.
E) deadweight surplus.
B
Economics
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The Malthusian theory
A) shows that the production function will shift upward continuously. B) predicts that the real GDP per person will continue to increase as long as technology increases. C) is also called the classical growth theory and predicts that we will run out of resources. D) claims that the subsistence wage will increase over time. E) is also called the neoclassical growth theory.
Economics
If the interest rate is 4 percent, the present value of $10,000 to be received two years from today is about
A) $9,246. B) $9,615. C) $10,816. D) $10,400.
Economics