Country A had a population of 2,000, of whom 1,300 worked an average of 8 hours a day and had a productivity of 5 . Country B had a population of 2,500, of whom 1,700 worked 8 hours a day and had productivity of 4 . Country
a. A had the higher level of real GDP and real GDP per person.
b. A had the higher level of real GDP and Country B had the higher level of real GDP per person
c. B had the higher level of real GDP and Country A had the higher level of real GDP per person
d. B had the higher level of real GDP and real GDP per person.
c
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In 2015, health care's share of gross domestic product in the United States was about
A) 6.5 percent. B) 18 percent. C) 45 percent. D) 62.5 percent.
Zelda won the jackpot on a penny slot machine in Las Vegas and is given the following three options to receive her jackpot:
Option 1: $100,000 to be received right away, with four additional payments of $100,000 to be received each year for the next four years. Option 2: $250,000 to be received right away with two additional payments of $100,000 to be received each year for the next two years. Option 3: $400,000 to be received right away. Which option should Zelda choose if the interest rate is 8%? Would she choose the same option if the interest rate was 10%? Why?
If potential GDP for the fourth quarter of 2012 = $58.5 billion, and real GDP for the fourth quarter of 2012 = $53.7 billion, then the output gap was
A) -8.9%. B) -8.2%. C) 8.2%. D) 8.9%.
The "deadweight loss" from a monopoly refers to:
a. the portion of a monopolist's profits that are above the competitive profit level. b. the increase in price due to the monopolization of a market. c. the inefficient use of factors of production by a monopoly. d. the loss of consumer surplus due to the monopolization of a market that is not transferred to another economic actor.