The supply curve shows the
A) marginal benefit of a firm producing another unit of a good.
B) dollars' worth of other goods and services we are willing to give up to get another unit of the good.
C) minimum price that firms must receive to supply a certain quantity of a good.
D) producer surplus of producing the good.
E) maximum price that firms will accept in order to supply a certain quantity of a good.
C
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Using the Rule of 70, if China's current growth rate of real GDP per person was 7 percent a year, how long would it take the country's real GDP per person to double?
A) 35 years B) 14 years C) 10 years D) 49 years
A 3% increase in the price of tea causes a 6% increase in the quantity demanded of coffee. The cross-price elasticity of demand between coffee and tea is
A. -2.0. B. -0.5. C. 0.5. D. 2.0.
Many people buy no more than one iPad because:
A. There's always a shortage of iPads B. The MU/P of a second iPad is quite low for many people C. The price of iPads has increased significantly D. iPads have quickly become obsolete
At an annual growth rate of 2 percent, approximately how long does it take for real GDP per capita to increase from $30,000 to $60,000 in a country?:
A) 15 years B) 25 years C) 35 years D) 45 years