Farm outputs' share of U.S. GDP from 1950 to the present:
A. Has stayed roughly constant at about 10%
B. Has dropped from about 30% to 10%
C. Has stayed roughly constant at about 30%
D. Has dropped from about 7% to 1%
D. Has dropped from about 7% to 1%
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Moving upward along the short-run aggregate supply curve results in a ________ in the price level and ________ in real GDP
A) rise; an increase B) rise; a decrease C) fall; an increase D) fall; a decrease
Suppose that a market basket of two goods is changed by adding more of one of the goods and subtracting one unit of the other. The consumer will:
A) rank the market basket more highly after the change. B) rank the market basket more highly before the change. C) rank the market basket just as desirable as before. D) any one of the above statements may be true.
Domestic aggregate surplus:
A. is the sum of consumer surplus, deadweight loss and government revenue. B. is the sum of domestic producer surplus and government revenue. C. is the sum of domestic producer surplus and consumer surplus. D. is the sum of consumer surplus, domestic producer surplus and government revenue.
For U.S. consumers, the income elasticity of demand for fruit juice is 1.1. If the economy enters a recession next year and consumer income declines by 2.5%, what is the expected change in the quantity of fruit juice demanded next year?
+2.75% -27.5% +27.5% -2.75%