Which of the following best explains why both nations with high living standards and nations with low living standards face the problem of scarcity?
a. All nations face the same microeconomic issues.
b. All nations face the same macroeconomic issues.
c. All individuals, whether rich or poor, are dissatisfied with their material well-being and would like more.
d. all of the above options are correct.
c. All individuals, whether rich or poor, are dissatisfied with their material well-being and would like more.
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Suppose Joe purchases 10 lottery tickets per month when his monthly income is $200. Joe receives a raise at work, giving him an extra $40 per month in take-home pay, and Joe now purchases 15 lottery tickets per month. What is Joe's income elasticity of demand for lottery tickets?
a. 2.5 b. 1. c. 0.4. d. 0.25.
Suppose that business firms spend $500 million on new capital equipment this year. Of this $500 million, $300 million was spent on domestically produced capital and $200 million was spent on foreign-produced capital
All else equal, these transactions contribute ________ to GDP. A) $0 B) $200 million C) $300 million D) $500 million E) $800 million
If the MPC is 0.9, and the government cuts spending by $200b, the overall effect on GDP will be:
A. a decrease of $2,000b. B. an increase of $2,000b. C. a decrease of $1,800b. D. an increase of $180b.
If a 20 percent increase in the price of a used car results in a 10 percent decrease in the quantity of used cars demanded, then the price elasticity of demand equals
A) 0.5. B) 1.0. C) 2.0. D) 10.0.