Refer to the scenario above. Which country has the highest income per capita in PPP dollars?
A) Country 1 B) Country 2 C) Country 3 D) Country 4
A
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If the equilibrium price level is 135 but the actual price level is 120, then
A) firms decrease their production because they cannot sell the output they produce. B) the quantity of real GDP demanded is less than the quantity of real GDP supplied. C) the quantity of real GDP demanded is greater than the quantity of real GDP supplied. D) aggregate demand will increase to restore equilibrium. E) aggregate demand will decrease to restore equilibrium.
How has economist Robert Fogel explained that economic growth is connected to life expectancy? Based on this connection, in what country would you expect to have a longer life expectancy, the United States or India? Explain
What will be an ideal response?
Which of the following statements about a price system is TRUE? I. Prices ration goods and services. II. Prices indicate relative scarcity
A) I only B) II only C) Both I and II D) Neither I nor II
Which of the following is an example of an ad valorem tax?
A) 5% of price B) 5% of quantity sold C) $0.50 per unit sold D) Government regulation