Refer to the above table (figures in billions). Real GDP for year 2019 was
A. $4819.6 billion.
B. $5222.2 billion.
C. $4617.3 billion.
D. uncertain without more information.
Answer: C
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In the long run:
A) all factors of production are fixed. B) only some inputs of a firm can be changed. C) all firms earn positive economic profits. D) all factors of production can be changed.
All of the following increase total factor productivity except
A) new inventions. B) more capital. C) new management techniques. D) favorable changes in government regulations.
In regards to the uncommon length of the Great Depression, both Schumpeter and Higgs contend that:
a. private investment remained depressed in part due to the political climate created by the New Deal. b. Social Security and the freedoms granted to labor, along with a progressive tax structure promoted growth in private investment. c. the undistributed profits tax of 1936 encouraged businesses to undertake long-term investments. d. the New Deal rhetoric from President Roosevelt, offered a pro-business slant that offended labor groups.
The price elasticity of demand for cigarettes by adults is -1.3 while for young smokers it is -0.4 . A tax on cigarettes would lead to which of the following effects?
a. a smaller reduction in the quantity of cigarettes demanded by younger smokers than by older smokers b. the same reduction in the quantity of cigarettes demanded by both age groups c. a larger reduction in the quantity of cigarettes demanded by younger smokers than by older smokers d. no impact on the quantity of cigarettes demanded by either group e. not enough information to predict the impact