In the graph shown below, if the market demand were to shift right, which of the following would occur for the firm? 
A. The total cost curve would shift downward.
B. The total revenue function would rotate downward.
C. The total revenue function would rotate upward.
D. The firm would produce less output.
Answer: C
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Suppose that in the future, real GDP per person grows 2 percent a year in the United States and 4 percent a year in China. It will take real GDP per person approximately ________ years to double in the United States and approximately ________ years to double in China.
A) 35; 8.75 B) 35; 17.5 C) 20; 10 D) 50; 25 E) 70; 35
The total loss associated with the 2005 Hurricanes Katrina and Rita are estimated to be between
a. $40 and $60 billion b. $69 and $130 billion c. $69 and $80 billion d. $70 and $80 billion e. $140 and $200 billion
At the original exchange rate an import quota
a. creates a surplus in the market for foreign-currency exchange, so the exchange rate rises. b. creates a surplus in the market for foreign-currency exchange, so the exchange rate falls. c. creates a shortage in the market for foreign-currency exchange, so the exchange rate rises. d. creates a shortage in the market for foreign-currency exchange, so the exchange rate falls.
Which of the following occurs when all the resources of an economy are fully employed?
a. efficiency wage model b. frictional unemployment c. natural rate of unemployment d. potential output