Refer to Table 19-3. Consider the data above (in billions of dollars) for an economy: Gross domestic product (in billions of dollars) for this economy equals
A) $2,200. B) $1,600. C) $1,400. D) $1,200.
D
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Structural unemployment exists because something is holding wages
A) naturally high. B) artificially high. C) naturally low. D) artificially low.
Refer to Table 19-24. Suppose that a very simple economy produces three goods: pizzas, haircuts, and backpacks. Suppose the quantities produced and their corresponding prices for 2011 and 2016 are shown in the table above
Use the information to compute real GDP in the year 2011 and 2016. Calculate real GDP in 2016 assuming the base year is 2011. Do the same calculation assuming the base year is 2016. Are the calculations different? Why?
Tariff levels in developing countries tend to be ________ tariff levels in developed countries
A) lower than B) about equal to C) higher than D) there is no general pattern
Suppose that a local supermarket sells apples and oranges for 50 cents apiece, and at these prices is able to sell 100 apples and 200 oranges per week. One week, the supermarket lowered the price per apple to 40 cents and sold 120 apples. The next week, they lowered the price per orange to 40 cents (after raising the price per apple back to 50 cents) and sold 240 oranges. These results imply that
the a. price elasticity of apples is lower than the price elasticity of oranges b. price elasticity of apples is higher than the price elasticity of oranges c. demand for apples is more price sensitive than the demand for oranges d. demand for oranges is more price sensitive than the demand for apples e. price elasticities of demand for apples and oranges are the same over these price ranges