The population in the current year is 31.5 million and the real GDP is $814 million. The previous year's statistics were a population of 31 million and a real GDP of $800 million
The change in the standard of living, measured by growth in real GDP per person, is
A) 0 percent. B) 0.13 percent. C) 1.6 percent. D) 6 percent. E) 7.75 percent.
B
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On the vertical axis, the production possibilities frontier shows ________; on the horizontal axis, the production possibilities frontier shows ________
A) the quantity of a good; the number of workers employed to produce the good B) the quantity of a good; the price of the good C) the quantity of a good; a weighted average of resources used to produce the good D) the quantity of one good; the quantity of another good
Suppose you had information on the sales of similar homes just east and just west of the boundary between two school districts. How could you use those data to estimate the value parents place on the quality of their children's schools?
What will be an ideal response?
Crowding in can be defined as
a. an increase in the budget deficit increases demand so that investment increases. b. tax incentives on investment encourage capital formation, an increase in aggregate supply. c. consumption rises in a recovery, which increases demand for investment. d. the budget deficit falls enough to lower interest rates to stimulate investment.
The delivery of first-class mail by the U.S. Postal Service is an example of
A) a monopoly. B) perfect competition because consumers have access to other methods of written communication; for example, email and text messaging. C) monopolistic competition, because mail delivery is a differentiated product provided by many firms. D) an oligopoly because a few other firms provide delivery of letters and packages.