If the population growth rate is 2 percent, real GDP per person will double in 7 years if real GDP grows by ______ percent per year
A. 7
B. 10
C. 12
D. 14
C For real GDP per person to double in 7 years, the growth rate of real GDP per person must be 10 percent. If the population growth rate is 2 percent, then real GDP must grow at 12 per-cent.
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If the opportunity cost of time is $20 per hour, and an individual spends 20 hours in commuting every month, his opportunity cost of commute is:
A) $20 per month. B) $400 per month. C) $200 per month. D) $1 per month.
Suppose that the price of a money clip increases from $0.75 to $0.90 and quantity supplied rises from 8,000 units to 10,000 units. Use the midpoint formula to calculate the price elasticity of supply
A) 1.22 B) 1.0 C) 0.82 D) 0.07
In which of the following situations will the effect upon the equilibrium price of wheat be indeterminate?
a. supply decreases and demand increases b. demand decreases and supply increases c. demand remains constant and supply increases d. supply decreases and demand decreases e. supply remains constant and demand increases
As a group, oligopolists would always earn the highest profit if they would
a. produce the perfectly competitive quantity of output. b. produce more than the perfectly competitive quantity of output. c. charge the same price that a monopolist would charge if the market were a monopoly. d. operate according to their own individual self-interests.