Assume an economy produces only footballs and baseballs and the base year is 2016. Quantities ProducedPrices?2016201720162017Hamburgers200300$20$3.00Hot dogs500600$10$1.50 Given the data in the table above, what is the value of real GDP in 2017?
A. $12,000
B. $10,000
C. $12,500
D. $9,000
Answer: A
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An "unemployment spell" is a period during which:
A. an unemployed individual leaves the labor force and then returns. B. an individual is continuously unemployed. C. the unemployment rate exceeds 15 percent. D. the unemployment rate is less than 10 percent.
Carrie Bradshaw claims that when it comes to buying shoes, "price is no object." If this is true, then her demand for shoes is
A) horizontal. B) unit elastic. C) perfectly inelastic. D) perfectly elastic.
The Arrow impossibility theorem
A) explains why it is impossible, in most cases, to eliminate special-interest legislation after it has become law. B) explains why people can be rational as well as ignorant at the same time. C) explains why candidates for public office must represent the preferences of the political middle. D) explains why voting systems do not consistently represent the preferences of voters.
The accompanying graph depicts demand.
The price elasticity of demand at point C is:
A. 3/4. B. 16/3. C. 3/8. D. 3/16.