What is typically used for cross country comparisons of GDP?
a. purchasing power parity (PPP)
b. exchange rate
c. GDP per capita
d. GDP
a. purchasing power parity (PPP)
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When tastes are risk averse, an individual will always choose less risk over more risk.
Answer the following statement true (T) or false (F)
When Microsoft put together a set of products with the Windows operating system, it was practicing
A) bundling. B) tie-in sales. C) versioning. D) compacting.
Suppose that the market for labor is initially in equilibrium. Suppose that workers' tastes change so that they choose to retire at age 55 rather than age 67 . Then the equilibrium wage
a. and the equilibrium quantity of labor will rise. b. and the equilibrium quantity of labor will fall. c. will rise, and the equilibrium quantity of labor will fall. d. will fall, and the equilibrium quantity of labor will rise.
Suppose that in a month the price of movie rentals decreases from $3.25 to $3. At the same time, the quantity of movie rentals demanded increases from 100 to 120. The price elasticity of demand for movie rentals (calculated using the midpoint formula) is:
A. zero. B. inelastic. C. unit elastic. D. elastic.