If real GDP is $18,200 billion (in 2012 dollars) in 2018 Q1 and $18,400 (in 2012 dollars) in 2018 Q2, then the annualized quarterly growth rate of real GDP is
A. 1.0%.
B. 1.1%.
C. 0.4%
D. 4.5%.
Answer: D
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If a firm increases its output and finds that its average total cost decreases as a result, this implies that
a. marginal cost exceeds average total cost. b. the cost of producing an additional unit of output is more than the average total cost. c. average fixed cost is increasing. d. average total cost exceeds marginal cost.
The incentives built into nearly all welfare programs
A. discourage work. B. encourage savings. C. encourage marriage. D. encourage family planning.
Suppose the United States can produce 2,000 cars or 2,000 trucks. Japan can produce either 2,000 cars or 1,000 trucks. In terms of car production, we can conclude that
A. The United States has a comparative advantage. B. The United States has an absolute advantage. C. Japan has an absolute advantage. D. Japan has a comparative advantage.
A market system (market economy) depends on the market to
a. find the most efficient way of using resources. b. determine how large the budget deficit should be. c. decide how much government regulation there should be. d. provide minimum incomes for everyone. e. All of the above are correct.