When examining the growth record of any nation
A. no consideration should be given to the change in the average amount of leisure time in the nation.
B. we must consider which income groups have benefited most from the growth.
C. all that must be examined is increases in per capital real GDP.
D. increases in per capita real GDP must be considered along with how far the production possibilities curve has shifted.
Answer: B
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Explain how we "read" the three scatter diagrams in Figs. A1.3 and A1.4
What will be an ideal response?
The distribution of income and wealth in colonial America was
(a) relatively equal to that of modern America. (b) relatively unequal to that of modern America. (c) unequal in roughly the same degree as that in modern America. (d) unequal, but the data are not good enough to allow a comparison with modern America.
If the market basket of goods and services on which the CPI is based is $15,000 in the base year and $45,000 in the current year, the level of the CPI in the current year is _____.
Fill in the blank(s) with the appropriate word(s).
Under which one of the following market structures are sellers most likely to consider the reaction of rival sellers when they set the price of their product?
A. Perfectly competition. B. Monopoly. C. Monopolistic competition. D. Oligopoly.