China has recently been experiencing rapid economic growth, and current Chinese real GDP per capita is
A) roughly equal to real GDP per capita in the United States.
B) still significantly less than real GDP per capita in the United States.
C) on par with real GDP per capita in most high-income countries.
D) still at a level equivalent to real GDP per capita in the poorest countries in the world.
B
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A substitution effect of a price change is represented by:
A) movement along the same indifference curve. B) movement to a different indifference curve. C) a change in the initial budget line to a new budget line. D) a change in the slope of the initial budget line.
Refer to the following graph. A decrease in supply is reflected as
a. a shift of the supply curve from S to S2.
b. a shift of the supply curve from S to S1.
c. a shift of the supply curve from S2 to S1.
d. a change in the quantity supplied from 5.2 to 8.2 million minutes when price is $12.50.
All of the following are considered to be problems associated with the use of concentration ratios to measure market power except:
A) the market definitions used in their construction may be arbitrary. B) two different markets with the same concentration ratio may have very different distributions of market share among firms used to calculate the concentration ratio. C) consideration of exports and imports generally causes concentration ratios to be overstated. D) concentration ratios are often based on national statistics and may not reflect substantial concentration in a market at a more localized level.
A falling natural-employment deficit indicates that
A) the growth rate in the economy has increased. B) the government is following a restrictive fiscal policy. C) the government is following an expansionary fiscal policy. D) the actual surplus is rising.