Refer to the scenario above. Which country has the lowest income per capita in PPP-adjusted dollars?
A) Country 1 B) Country 2 C) Country 3 D) Country 4
C
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John is a U.S. citizen who bought a house in Canada. This purchase will lead to a(n) ________
A) decrease in the GDP of Canada B) increase in the GDP of Canada C) increase in the GDP of U.S. D) decrease in the GDP of U.S.
If the market price falls from P0 to P1 in the above figure, then
A) a new equilibrium quantity is established. B) there is a shortage equal to the distance EF. C) there will be a further tendency for price to fall. D) there is a surplus of goods on the market equal to the distance Q1, Q2.
If average fixed cost and average variable cost are summed together, the result is: a. total revenue
b. total profit. c. total cost. d. average total cost.
Which statement is most likely correct about supply?
a. When economists refer to supply, they are referring to a certain point on the supply curve, or a quantity on the supply schedule. b. When economists refer to supply, they are referring to the relationship between a range of prices and the quantities supplied at those prices. c. When economists refer to supply they are referring to a specific point on the curve, not the entire curve. d. When economists refer to supply, they are referring to the relationship between a range of prices and the quantities demanded at those prices.