Real per capital GDP in the United States is:
A. over 30 times what it was a century ago.
B. about the same as it was a century ago.
C. over three times what it was a century ago.
D. over seven times what it was a century ago.
Answer: D
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A movement along a demand curve may be caused by a change in
A) the non-price determinants of demand. B) the change in consumer expectations. C) the change in demand. D) the change in supply.
Refer to Figure 6.1. Assume that L1 represents the budget line before a price change. Point B represents the:
A. uncompensated effect of an increase in the price of bread.
B. uncompensated effect of a decrease in the price of soup.
C. uncompensated effect of an increase in the price of soup.
D. compensated effect of an increase in the price of soup.
An inward shift of the production possibilities curve
A. represents an economic decline. B. means that the previous levels of production are now unobtainable except under unusual circumstances such as war. C. means that the economy can produce more of both goods. D. represents an economic decline AND means that the previous levels of production are now unobtainable except under unusual circumstances such as war.
Indicate whether each of the following situations would shift the supply curve to the left, to the right, or not at all
a. An increase in the number of firms in the market b. An increase in the current price of the product c. A decrease in productivity d. An increase in the expected future price of a product e. A decrease in the price of an input