Which of the following describes the growth in real GDP per person in the United States from 1900 to the present?
A) It has doubled. B) It has decreased.
C) It has increased by more than eight times. D) It has increased twenty times.
C
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A situation in which the price of an asset rises significantly above the asset's fundamental value is referred to as
A) asset liquidity. B) dissipation. C) a bubble. D) magnification.
Zach and Laura want to buy cars and go to the same dealer. The dealer perceives Zach's price elasticity of demand to be lower than Laura's. Which of the following statements will be true?
a. The dealer will quote the same price to both since individual characteristics do not matter. b. The dealer will quote a higher price to Laura because of her gender. c. The dealer will quote a higher price to Zach because his demand is less elastic. d. The dealer will quote different prices to both according to their bargaining tactics.
If a $1 increase in price leads to a 3-unit decrease in quantity demanded, then demand must be elastic
Indicate whether the statement is true or false
In general, state and local taxes are
A. Progressive. B. Regressive. C. Flat. D. Proportional.