Using the data in the table above, real GDP per person in 2009 is
A) $70,000.
B) $71,429.
C) $75,000.
D) $70 trillion.
E) 7 percent.
A
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Non-activists believe that postwar instability is primarily the result of
A) erratic growth of private investment. B) uneven changes in real government expenditures. C) uneven changes in private consumption of durables. D) A and C are both correct.
Which of the following are counterarguments to the viewpoint that taxes are social tools by which we can achieve a more equal society?
a. Redistribution of income through government is unfair coercion of those with higher incomes. b. Inequality is frequently the result of higher productivity and thus is just. c. Equality of income occurs naturally over the life cycle so redistribution at one point in time disrupts this natural process. d. a and b e. a and c
If the total cost of production increases by 10% and output increases by less than 5%, then the firm is experiencing
A. constant returns to scale. B. decreasing average total costs. C. diseconomies of scale. D. economies of scale.
Suppose we know that a monopolist is maximizing its profits. Which of the following is a correct inference? The monopolist has
A. maximized its total revenue. B. set price equal to its average cost. C. equated marginal revenue and marginal cost. D. maximized the difference between marginal revenue and marginal cost.