How have U.S. imports and exports, as a fraction of GDP, changed from 1970 to the present?
What will be an ideal response?
Since 1950, both exports and imports have been steadily increasing as a fraction of GDP. In 1970, exports and imports were both less than 6 percent of GDP. In 2014, exports were about 13 percent of GDP and imports were about 17 percent of GDP.
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All of the following observations concerning the elasticity formula are true except
a. the changes with which it deals is measured as a percentage change. b. each of the percentage changes is calculated in terms of the average values. c. the calculation considers both positive and negative signs. d. each percentage change is taken as an "absolute value."
Suppose the number of buyers in a market decreases and a technological advancement occurs also. What would we expect to happen in the market?
a. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. b. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. c. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous. d. None of the above is correct.
A firm produces 4,000 units of output using 500 workers. Marginal cost is $10, the wage rate is $160, and total fixed cost is $100,000. What is average variable cost?
A. $16 B. $0.32 C. $20 D. $1,280 E. none of the above
The U.S. poverty rate over the last 10 years has been between _____%.
A. 6-11 B. 11-16 C. 16-21 D. 21-26