Suppose a nation's real Gross Domestic Product (GDP) grows at a rate of 2 percent per year while its population grows 2 percent annually. Given this information, this nation's annual rate of per capita real GDP growth is equal to
A. -4 percent.
B. 1 percent.
C. 8 percent.
D. 0 percent.
Answer: D
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Which function of money eliminates the need for multiple prices for each good as in a barter system?
A) store of value B) standard of deferred payment C) unit of account D) valuable relative to its weight
You produce stereo components for sale in two markets, foreign and domestic, and the two groups of consumers cannot trade with one another. You will charge the higher price in the market with the
A) lower own price elasticity of demand (more inelastic demand). B) higher own price elasticity of demand (more elastic demand). C) larger teenage population. D) greater consumer incomes.
Consider two firms competing to sell a homogeneous product by setting price. The inverse demand curve is given by P = 6 ? Q. If each firm's cost function is Ci(Qi) = 6 + 2Qi, then each firm will symmetrically produce ________ units of output and earn ________.
A. 2 units; losses of $6 B. 4 units; losses of $2 C. 4 units; profits of $6 D. 2 units; profits of $2
According to Figure 9.1, saving equals zero at an income level of
A. $2,000 billion. B. $0. C. $1,000 billion. D. $500 billion.