If China's economy maintains a 7% annual growth rate over the next 20 years, about how large will its economy be in 20 years if its current GDP is $12 trillion?
a) $24 trillion
b) $29 trillion
c) $36 trillion
d) $48 trillion
Ans: d) $48 trillion
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The above figure shows the U.S. market for replacement cell phone batteries. Suppose the U.S. government imposes the tariff illustrated in the figure. The tariff is equal to ________ and the price U.S
consumers pay ________ compared to the price paid when there was free trade. A) $2; decreases B) $14; decreases C) $2; increases D) $12; increases E) $14; increases
Higher interest rates:
a) increase consumption and investment spending. b) decrease consumption and increase investment spending. c) decrease consumption and investment spending. d) increase consumption and decrease investment spending.
In the above figure, assume the economy starts out in equilibrium at point d. If the Fed increases the money supply so that the new aggregate demand curve is AD3, then the new short-run equilibrium will be at point
A. a. B. b. C. c. D. i.
Average variable costs equal
A. total variable costs divided by output. B. output divided by the change in total costs. C. total variable costs divided by marginal costs. D. the change in marginal costs from producing another unit of output.