Consider the above figure. At income level Yd = $30, the APC is equal to
A. 1.67.
B. 1.25.
C. 1.05.
D. 0.05.
Answer: A
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If prices have decreased since the base period, then
A) real GDP is smaller than nominal GDP. B) real GDP is larger than nominal GDP. C) real GDP is equal to nominal GDP. D) there is no way to adjust nominal GDP so that it equals real GDP. E) real GDP can no longer be compared to nominal GDP.
According to the 2007/2008 United Nations Human Development Report, the Gini ratio for Portugal is 38.5, Norway is 25.8, the United States is 40.8, and Russia is 39.9. Which of these four countries has the lowest level of income equality?
A) Portugal B) United States C) Norway D) Russia
Monopolistic competition exists when there is one large firm in an otherwise perfectly competitive market
a. True b. False
Explain how technological change can cause changes in wage inequality
What will be an ideal response?