Compared to the level of real GDP per person in 1870, by 2010, real GDP in the U.S was ________ times larger, while real GDP per person in Japan was ________.
A. 12; smaller
B. 30; 12 times larger
C. 12; 12 times larger
D. 12; 30 times larger
Answer: D
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What group tends to benefit from the sugar price supports?
A. Manufacturers of products that use sugar B. Individual consumers of sugar C. Producers of other agricultural products D. Producers of sugar E. All of these responses are correct.
Assume that for a particular firm's output price = $80, marginal cost = $30, average total cost = $25. Based on this information, the firm's Lerner Index is equal to:
A) 0.313. B) 0.375. C) 0.6. D) 0.625.
If a one percent change in the price of oil causes a 0.02 percent change in the quantity demanded of oil, then 0.02 is the
A. price elasticity of demand. B. price elasticity of supply. C. cross-price elasticity of demand. D. income elasticity of demand.
Suppose a bottle of wine produced in France sells for 35 euros. If the exchange rate between euros and dollars is €1 = $1.30, how much will an American pay for the bottle of wine in America?
A. $130.00. B. $26.92. C. $45.50. D. $35.00.