Which of the following products has the most elastic demand?
A. Ben and Jerry's Chunky Monkey ice cream in the pint container
B. all Ben and Jerry's ice cream
C. all premium ice cream
D. all ice cream
Answer: A
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If the real GDP of a country in 2011 was 300 billion, its price index was 108.3, and its population was 150 billion, then real GDP per capita for that year was: a. 0.5 billion
b. 1 billion. c. 8.3 billion. d. 258.3 billion. e. 2 billion.
A firm has a marginal cost of $200 and charges a price of $500. The Lerner index for this firm is:
A. 0.50. B. 1.50. C. 0.60. D. 0.20.
Which of the following is included in GDP, but may not have been economically beneficial?
a. Building schools b. Water treatment plant construction c. Residential alarm installations d. Airport construction
Refer to the accompanying figure. When this market is in equilibrium, total producer surplus in the market is ________ per day.
A. $500 B. $375 C. $0 D. $250