Real GDP per person
a. minus real GDP per person from the previous period equals the growth rate of real GDP per person.
b. provides more meaningful comparisons across time and countries than real GDP.
c. provides a less useful measure of the standard of living than nominal GDP per person.
d. All of the above are correct.
B
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Using the data in the table above, the equilibrium quantity and equilibrium price for a stapler is
A) 10,000 and $8. B) 90,000 and $8. C) 100,000 and $5. D) 70,000 and $6. E) 60,000 and $5.
Suppose a perfectly competitive market is in long-run equilibrium. If there is a permanent increase in demand,
A) at least in the short run, some firms will increase their output. B) at least in the short run, the price will increase initially. C) new firms will enter the market. D) All of the above answers are correct.
Perfectly elastic demand curves are irrelevant, since real world demand curves are never perfectly elastic
a. True b. False
If transfer payments are included when evaluating tax burdens, then the average tax rate of the poorest quintile of taxpayers would be approximately
a. negative 30 percent. b. negative 10 percent. c. positive 1 percent. d. positive 8 percent.