Assume the real U.S. GDP in 1929 was $942 billion and the U.S. population was 122 million, and the real U.S. GDP in 1930 was $858 billion and the U.S. population was 123 million. From 1929 to 1930, the per capita real GDP
A. Decreased.
B. Remained unchanged.
C. Increased.
D. Cannot be determined from the information given.
Answer: A
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The figure above shows Ilene's budget line. The price of a can of cat food is $2. The price of a can of dog food
A) is $1.60. B) is $4.00. C) is $5.00. D) cannot be determined without more information.
When the market price is set above the equilibrium price:
A. the market is not efficient. B. total surplus is not maximized. C. consumer surplus is decreased. D. All of these are true.
Consider a small economy in which consumers buy only two goods: pretzels and cookies. In order to compute the consumer price index for this economy for two or more consecutive years, we assume that
a. the percentage change in the price of pretzels is equal to the percentage change in the price of cookies from year to year. b. the number of pretzels bought by the typical consumer is equal to the number of cookies bought by the typical consumer in each year. c. neither the number of pretzels nor the number of cookies bought by the typical consumer changes from year to year. d. neither the price of pretzels nor the price of cookies changes from year to year.
Hudson has two job offers when he graduates from college. Hudson views the offers as identical, except for the salary terms. The first offer is at a fixed annual salary of $45,000. The second offer is at a fixed salary of $25,000 plus a possible bonus of $40,000. Hudson believes that he has a 50-50 chance of earning the bonus. If Hudson takes the offer that maximizes his expected utility and he is risk-neutral, then
A. he will take the first offer. B. he will take the second offer. C. he is indifferent between the offers-both yield the same expected utility. D. Indeterminate from the given information-we cannot say what he will do.