Which of the following characterizes a competitive agricultural market?
A. The firm has a downward-sloping demand curve.
B. Price is determined by market demand and market supply.
C. Economic profit is earned in the long run.
D. The market has a horizontal demand curve.
Answer: B
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A nation's real GDP was $250 billion in 2014 and $265 billion in 2015. Its population was 120 million in 2014 and 125 million in 2015. What is its real GDP per capita in 2015?
A. $2,120 per person B. $212 per person C. $205 per person D. $21,200 per person
Major macroeconomic questions include all of the following EXCEPT:
A. What are the causes of unemployment? B. What causes economic growth? C. What causes differences in wages between men and women? D. Why does inflation vary over time and across countries?
Per capita GDP will definitely fall if
A. The rate of economic growth is less than the rate of population growth. B. There is a decrease in the size of the working population. C. The population falls. D. The rate of economic growth falls.
Which of the following is a law passed in the last 15 years relating to health care?
A. Establishment of health maintenance organizations to reduce health care costs. B. Establishment of deductibles and copayments in health insurance policies. C. Establishment of health savings accounts (HSAs) to promote saving for routine medical expenses. D. Establishment of fixed Medicare payment to hospitals based on one of several hundred diagnostic categories.