Real GDP was $9,950 Billion in year 1 and $10,270 billion in Year 2. What was the approximate rate of economic growth from year 1 to year 2?
What will be an ideal response?
%3.2
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A perfectly competitive firm in long run equilibrium will earn
a. zero economic profit. b. a small positive economic profit. c. a large positive economic profit. d. zero accounting profit.
Among competing issues, the most important concern of economics is with the:
A. efficient use of limited productive resources to satisfy economic wants. B. degree of competition in stock and bond markets in the economy. C. issue of equality in the distribution of income and wealth among households. D. budget deficits in the domestic economy and trade deficits in the international economy.
The Federal Reserve System is the central bank of the United States.
Answer the following statement true (T) or false (F)
Suppose that the percentage change in supply is 20%, the price elasticity of demand is 3, and the percentage change in the equilibrium price is 4%. What is the price elasticity of supply?
A. 0 B. 2 C. 4 D. 5