If GDP per capita rises by 2% between 2015 and 2016, which of the following is necessarily true?
A) The population has increased, but by less than 2%.
B) The population has decreased.
C) Real GDP has risen by more than 2%.
D) None of the above is necessarily true.
D
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What must be done to net domestic product at factor cost in order to transform it to gross domestic product? Explain why these adjustments are necessary
What will be an ideal response?
Refer to Figure 4-18. How much of the tax is paid by buyers?
A) $8 B) $5 C) $4 D) $3
Suppose a technological innovation shifts the marginal cost curve downward. Which one of the following cost curves does NOT shift?
A) Firm's short-run supply curve B) Average total cost curve C) Average variable cost curve D) Average fixed cost curve
Long-run equilibrium for a perfectly competitive firm occurs when
a. P = MC = MR = ATC b. MC = MR = AFC = ATC c. MC = MR = P > ATC d. P > MC > MR > ATC e. TR > TC