In 2015, the country with the highest GDP per capita in the world was
A. the United States.
B. India.
C. China.
D. Norway.
Answer: D
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Jaycee Jeans sold 40 pairs of jeans at a price of $40. When it lowered its price to $20, the quantity sold increased to 60 pairs. Calculate the absolute value of the price elasticity of demand. Use the midpoint formula
A) 1.67 B) 1.0 C) 0.6 D) 0.53
Refer to the information above. What is the level of consumption when the level of income is 850?
A) 375 B) 425 C) 450 D) 475
If producers who hire labor in a competitive labor market decide to purchase the new automated machine that completes the work of 30 employees, in the short run we would expect the:
A. labor-demand curve to shift to the right and wages would increase. B. labor-supply curve to shift to the left and wages would rise. C. labor-demand curve to shift to the left and wages would decrease. D. labor-supply curve to shift to the right and wages would rise.
A simple economy is characterised by the following equations: Ct = 200 + 0.5Y, It 3(Y - Y-1) and Yo Solve the difference equation. Hence, describe the time path. Will the system stabilize?