Extreme global poverty is defined as ________
A) income of less than one dollar a day
B) foreign debt in excess of 100% of GDP
C) one percent of U.S. income
D) one-fourth of U.S. income
A
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Since 1981, the
A) real wage rate increased steadily. B) nominal wage rate increased and the real wage rate did not change by very much. C) real wage rate increased more than the nominal wage rate. D) nominal wage rate increased at an uneven pace whereas the increase in the real wage rate was steady and constant. E) nominal wage rate and real wage rate both decreased.
The elasticity of supply coefficient for lobster is estimated to be equal to 0.6 . It is expected, therefore, that a 10% decrease in price would lead to:
a. a 6% decrease in the quantity of lobsters supplied. b. a 6% increase in the quantity of lobsters supplied. c. a 10% decrease in the quantity of lobsters supplied. d. a 10% increase in the quantity of lobsters supplied.
In 2017, Kara sold her used car to Augi's Used Cars, a local dealership, for $2,000. Augi's then serviced and cleaned the car and sold it to Alex for $3,000. How much would these transactions add to GDP in 2017?
A. $1,000. B. $0 C. $3,000. D. $2,000.
In the space provided in the graph above, draw a perfectly elastic demand curve D1, and a very elastic demand curve, D2.
