If a country has a 4 percent annual growth in real Gross Domestic Product (GDP) and a one percent growth in population, its per capita growth of real GDP is
A. 6 percent.
B. 0.25 percent.
C. 4 percent.
D. 3 percent.
Answer: D
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Dumping refers to countries exporting unwanted and inferior products to other countries
Indicate whether the statement is true or false
From an efficiency standpoint, one must compare the excess burdens of tax and debt finance.
A. True B. False C. Uncertain
Auto dealers slash prices at the end of the model year in response to deficient demand/excess inventory but restaurants facing the same problem slash production because
a. auto customers are less price sensitive than restaurant customers b. price elasticity of demand (in absolute values) is higher for auto than restaurant customers c. price elasticity of supply is lower in auto than in restaurants d. restaurant food spoils quickly and is much more perishable e. price elasticity of supply in autos is smaller than the absolute value of price elasticity of demand but the reverse is true for restaurants
The government introduced a requirement that all gasoline used in the US must use an increased share of ethanol in the gasoline sold. Consider the market of corn - a commodity which is used in ethanol production. Indicate whether there is a shift in supply (S) or demand (D).
a. Demand b. Supply