Which of the following is true?
a. Real GDP equals nominal GDP divided by the current price level index, times one hundred
b. In periods of inflation, real GDP growth will tend to be greater than nominal GDP growth.
c. In a country with a growing population, real GDP could be falling at the same time that real GDP per capita was rising.
d. Marrying one's housekeeper would leave reported GDP unchanged.
a
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If a 5 percent change in the price of a good elicited a 5 percent change in the quantity demanded of the good, we would say that over this range of prices the good has a(n)
A) elastic demand. B) inelastic demand. C) perfectly elastic demand. D) unit elasticity of demand.
Which is NOT an example of moral hazard
a. people eat less at all-you-can-eat buffets b. loggers clear-cut a tract of land rather than when paying per tree felled c. Drivers of heavier, safer cares are more likely to run stop signs d. workers on commission work harder than those paid an hourly wage
In the long run, the most important source of increase in a nation's standard of living is a: a. zero rate of population growth. b. high rate of economic growth. c. high rate of consumption
d. high rate of labor force growth.
A marginal change usually is a
a. change that involves little, if anything, that is important. b. large, significant adjustment. c. change for the worse, and so it is usually a short-term change. d. small, incremental adjustment.