The high-income nations of the world—including the United States, Canada, the Western European countries, and Japan—typically have GDP per capita in the range of _____________.
a. $6,000 to $12,000
b. $20,000 to $50,000
d. $60,000 to $80,000
d. $80,000 to $120,000
b. $20,000 to $50,000
You might also like to view...
If the United States' unemployment rate is 10 percent and the capacity utilization rate is 70 percent, the economy is in the midst of a ____________.
Fill in the blank(s) with the appropriate word(s).
The U.S. terminated its role in the slave trade in the early 1800s. What is the best assessment of what would have happened had the U.S. not ended the slave trade?
a. The price of slaves would be lower and the wages of free workers would be lower. b. The price of slaves would be higher and the quantity of free workers would be lower. c. The price of slaves would be lower and the wages of free workers would be higher. d. The quantity of slaves would be higher and the quantity of free workers would be higher. e. The quantity of slaves would be lower and the wages of free workers would be lower.
Jim values his car at $2,000, and Kelly values it at $5,000 . Can value be created in this situation? How? Suppose Jim refuses to sell for less than $6,000 . Is value destroyed? Why or why not?
A price increase will cause an increase in total revenue when:
A. the price effect outweighs the quantity effect. B. demand is perfectly elastic. C. demand is unit elastic. D. the quantity effect outweighs the price effect.