Since 1900, real GDP in the United States has grown
A) more rapidly than the population.
B) more slowly than the population.
C) as rapidly as the population.
D) in a random unpredictable manner relative to the population.
Answer: A
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Which of the following statements is true?
A) For positive growth, consumption in an economy should always be less than savings. B) The greater the savings rate in an economy, the slower is the rate of capital accumulation. C) The greater the consumption expenditure in an economy, the faster is capital accumulation. D) Extremely high savings rate can be counterproductive for an economy in short term.
Kaitlyn and Larissa have formed a dog bathing and grooming business business. The number of dogs they can bathe or groom in any given day is depicted in Table 2.1. The opportunity cost of grooming the first dog in a day is bathing ________ dog(s)
A) 1 B) 2 C) 24 D) 25
When an outcome is ________, social surplus is ________
A) Pareto inefficient; maximized B) Pareto efficient; maximized C) Pareto efficient; minimized D) Pareto inefficient; minimized
Suppose the market supply curve for wheat is shown in the above figure. Calculate the producer surplus when price is $2 per bushel. If legislation mandates that the price be $1 per bushel, what is the resulting loss in producer surplus?
What will be an ideal response?