Suppose real GDP was 100 in year 1 and 105 in year 2. The growth rate of real GDP is
A) 0.5 percent. B) 1.5 percent. C) 2.5 percent. D) 5 percent.
D
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Median household income in the United States has increased from $38,771 in 1967 to $51,017 in 2012. Based only on this fact, we can conclude that
A) Inequality is increasing in the United States. B) Inequality is decreasing in the United States. C) Inequality is not changing in the United States. D) We cannot conclude anything about inequality in the United States without more information.
How is the optimal level of input usage to produce a certain output identified with the help of isocosts and isoquants?
Another expression for disposable income would be
a. income left over after subtracting deductions such as 401Ks and health insurance b. income left over after subtracting taxes c. income left over after subtracting fixed payments like rent or car payments d. income left over after subtracting all required spending items such as food, utilities, etc. e. income left over after subtracting transfer payments
Usury laws typically regulate
a. interest rates paid on savings. b. interest rates charged on loans. c. rents charged on land. d. economic rent earned in all factor markets.