GDP is the market value of all final goods and services produced by a country's citizens in a given period of time
a. True
b. False
Indicate whether the statement is true or false
False
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When a firm with market power practices third-degree price discrimination, it charges the highest price to the group that
a. has the most elastic demand. b. has the most inelastic demand. c. purchases the highest quantity. d. purchases the lowest quantity.
In 2008, real GDP in the United States was $13,312 billion. In 2009, real GDP in the United States was $13,112 billion. What was the U.S. economic growth rate from 2008 to 2009?
A) -1.5 percent B) 1.5 percent C) 0.98 percent D) 0.12 percent E) $200 million
When water cannot be traded among current and potential users, then
a. each user will take more care to conserve, because added water cannot be obtained. b. users have a strong incentive to conserve because they are now protected from price increases imposed by greedy entrepreneurs. c. efficiency improves, as dry years can be better anticipated and planned for, and every user knows the quantity that will be available. d. water will not flow to its highest valued uses, and some users will use water for relatively low-valued uses, because they cannot gain by selling it to others.
Which of the following statements is false?
A) An inverse relationship has a negative slope value. B) A direct relationship has a positive slope value. C) A curved line has slope values that change at every point. D) A straight line has a slope of zero.