Over the period from 1950 to 2010, which country experienced the fastest average annual growth rate of real GDP per person?
A. China
B. United States
C. Canada
D. Japan
Answer: A
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________ is the payment received for temporarily giving up the use of money
A) Loan B) Principal C) Interest D) Collateral
Let P be the price of a good and let I represent consumer income. Which of the following demand functions represents a luxury good with inelastic price response?
A) log(Q) = 4 – 2 log(P) + 2 log(I) B) log(Q) = 4 - 0.5 log(P) + 0.25 log(I) C) log(Q) = 4 - 0.25 log(P) + 2 log(I) D) log(Q) = 4 + 2 log(P) + 0.2 log(I)
Figure 11-3
In Figure 11-3, which line represents the change in the consumption schedule caused by a cut in the personal income tax as advocated by President George W. Bush in 2001?
a.
C1 in graph (a)
b.
C2 in graph (a)
c.
C1 in graph (b)
d.
C2 in graph (b)
Holding other factors constant, if computers allow factory workers to manufacture more products per hour, then the real wages of factory workers will ________ and employment of factory workers will ________.
A. decrease; not change B. increase; increase C. decrease; increase D. increase; decrease