Gross Domestic Product is an economic aggregate that represents the
a. potential output of a country.
b. total product of a nation's economy.
c. total income earned from all sales.
d. total product that a country exports.
b
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A monopolist
a. can charge whatever price it wants b. charges more than almost any consumer is willing to pay c. is constrained by marginal cost in setting price d. is constrained by demand in setting price e. always earns an economic profit
The absolute poverty line looks at ________, and the relative poverty line captures ________
A. the percentage of the population that falls within the lowest quartile of income earners; what people can afford compared to those around them. B. the percentage of the population that falls within the lowest quartile of income earners; the percentage of the population that earns 40 percent less than the median income. C. who cannot afford the basic necessities; what people can afford compared to those around them. D. what people can afford compared to those around them; who cannot afford the basic necessities.
People demand more of product X when the price of product Y decreases. This means X and Y are:
a. Substitutes b. Complements c. Both inexpensive d. Not related
Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.
Figure 6.1Refer to Figure 6.1. Assume Tom is on budget constraint AC and the price of a hamburger is $5.00. Tom's monthly income is
A. $4. B. $60. C. $80. D. $100.