Which of the following goods probably has the lowest (absolute value) short-run price elasticity of demand?
A) fresh fruit
B) frozen dinners
C) cars
D) refrigerators
A
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Consider two countries, Alpha and Beta. In Alpha, real GDP per capita is $6,000. In Beta, real GDP per capita is $9,000
Based on the economic growth model, what would you predict about the growth rates in real GDP per capita across these two countries? A) The growth rate of real GDP per capita in Alpha and Beta will be the same. B) The growth rate of real GDP per capita will be higher in Alpha than it is in Beta. C) The growth rate of real GDP per capita will be lower in Alpha than it is in Beta. D) The economic growth model makes no predictions regarding differences in growth rates of real GDP per capita across the two countries.
Cash payments to a steel mill for steel used in production would be an example of:
a. sunk costs. b. fixed costs. c. explicit costs. d. implicit costs. e. entrepreneurial costs.
Suppose that if poor households have a price elasticity of demand for medical care of 0.50 and rich households have a price elasticity of demand for medical care of 0.25, then a price increase of 10% would lead to the poor households reducing their quantity demanded for medical care by:
A. 2.5%. B. 5%. C. 25%. D. 50%.
Summarize the anti growth view of economic growth.
What will be an ideal response?